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| easementary right on agriculture properties | |
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| Excerpt of query: | Re easementary right of way on agriculture land, please advise if the below and related the Acts /sections- 1. easementary rights Not applicable in agriculture lands. 2. civil court do not have jurisdiction on matters related to agriculture lands also the easementary rights being claimed on agriculture land 3. Permanent injunction cannot be granted by court if the easementary right is not established 4. right of way can not be claimed after consolidation is completed U/S49 UP Revenue Act |
| imposition of penalty u/s 271(1)(C) | |
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| Excerpt of query: | a registered firm purchased some item from a registered dealer having valid GST number, the goods were delivered through E-WAY BILL, but while making payments after some time assessee came to know that firm has been closed and registration is also cancelled therefore payment could not be made during the relevant financial year and shown as outstanding in his balance sheet. The department treated this as bogus transaction and added to his income after issuing 142(2) followed by 148, therefore a huge demand is created. the department issued a demand stating that if total demand along with interest is deposited with in 30 days then no penalty proceeding will be initiated. accordingly assessee deposited the entire amount within specified time , but later on department has issued notice for initiating proceedings u/s 271(1) c. please suggest what steps to be taken |
| Subsidy , Capital or Revenue , Whether income chargeable to tax | |
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| Excerpt of query: | Whether imposition of tax on subsidy and concessions under amended provision of section 2(24)(xviii) (Finance Act 2015) |
| (No TDS on hardship and other sums) | |
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| Excerpt of query: | Whether builder developer is required to deduct tax on amount paid to the existing members by way of rent for alternative accommodation as well as corpus and other sum paid as part of development agreement? |
| (Capital gain on Slump sale) | |
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| Excerpt of query: | Mr. A is a proprietor of various business having different trade name and place of business but the nature of business is same. Can he transfer the business to M/s. A Ltd company after retaining immovable property in his name so no capital gain tax is payable. Is it necessary to transfer it’s entire business with all assets and liabilities to the A Ltd company? |
| Rent payment by Resident to NRI | |
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| Excerpt of query: | A resident paying rent to NRI, deducting TDS @ 31.20%. However at the time of filing return (form 27Q), he did not mention the PAN and straight away mentioned “PAN not available” At what rate TDS is deductible ? |
| Section 45 (5A)- Applicable in case of Land Transfer/ Sold Against Consideration in Monetary and Non Monetary | |
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| Excerpt of query: | In Case of Transfer ownership of Land to Developers by Landowner (Individual) against consideration in Area and some money. Q1. whether this is covered under Section 45 (5A), as it is not a Development Agreement? Q2. In this Case Developers Purchase Capital Asset – Land from Landowner and Developers name will be mentioned on Revenue Record as Landowner? Q3. Whether Landowner Income Tax Liability will postponed to Future Date on the date of OC |
| Gift of residential property on which LTCG exemption was claimed under Section 54F | |
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| Excerpt of query: | My father sold a land property on his name and purchased a flat on his name with entire sale consideration. Now, Section 54F says he should not sell it within three year But can he gift the flat through gift deed in my name or should we wait for three years for gift transaction also? References of relevant cases will help a lot. Thanks. |
| 80IBA deduction | |
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| Excerpt of query: | My client is builder He is complying with all conditions mentioned in Section 80IBA , But he is following Project Completion Method to book the sales due to which at the time when Project Receives the completion certificate the builder executes the sale deed and book the sales . so every year he creates the work in progress and file the nil return . and in the year when he executes the sales he books the revenue . can he still claim benefit of 80IBA till the sale of all of units of project |
| Regarding the penalty , 270AA , 270A(8),misreporting | |
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| Excerpt of query: | One of my friend filed the return for the income tax and got the refund . The case got selected got scrutiny and they have disallowed the amount which is almost 6.5 lacs.they have stated that under reporting due to misreporting of an income which is 200%. I have paid the tax and interest agreeing to them as I am not aware of it. After that they have initatiated penalty of 200% which is almost 4.08 lacs. whether there is any chance of prosecution. Most of the things are misreported. I am salary assessed . Some CA,s are telling that pay the penalty in installment and sleep peacefully. Some of the other people are telling that if you are paying penalty it’s like u are agreeing to them and they can initiate the prosecution. I am salaried assessed and due to my friends mistake I am facing this issue. can you please let me know it is advisable to go for an appeal. If I go for an appeal or shall I pay the penalty in instalment. i am sole earner in my family with single mother |