The assessee had not filed the ITR for the AY.2019-20 either u/s 139 or in response to notice u/s 148. In the assessment major addition of Rs.58,00,000/- was made under 69A and penalty u/s 271AAC was levied on it. In addition to this bank interest of Rs.12,000/- was added and penalty notice  u/s 270A issued twards under reporting of income. In such cases what is the under reporting income , whether it is Rs.58,12,000/- or Rs.12,000/- . If it is Rs.58,12,000/- the penalty u/s 271AAC was already charged on Rs.58,00,000/- and charging again u/s 270A is not tenable, because the assessee gets immunity on such income u/s 270AA(2) of the IT Act. Then how to calculate tax on under reporting income of Rs.12,000/- ? Q2. The disallowance of deductions claimed u/s 54 and 80P on technical reasons of delay in filing the ITR etc in the assesssment and arriving under reporting of income thereon gets any immunity from levying penalty u/s 270A?  

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AOP assessed at MMR of tax is paying tax at 30% with no exemption and tax is not levied based upon slab rates.  It has non agricultural income of Rs 3,00,000/- and Agricultural income of Rs 40,00,000/- One of the basic condition of partial integration is that it should have non ari income above the exemption limit. Since this is an AOP taxed at MMR it has no exemption limit.  In such a case will partial integration of the agricultural income be justified? The AO claims its justified. Since the AOP is not taxed at slab rates, the AO has taxed both Agri and non agri incomes at MMR rate of 30%  and while deducting the Agri income he has applied the slab rates thereby increasing the tax liability which also exceeds the non agri income. Companies, Firms, LLPs and societies are taxed at maximum rates and agri income is not integrated in their case.   Kindly advise with case laws citations if any.

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The Assessee paid 3.69 lakhs as cash to builder for acquiring flat. Since he was a salaried employee no balance sheet was prepared while filing return of income. The assessee submitted that the cash was paid out of drawings from the bank and provided bank statement showing the cash withdrawals. However the A O made addition as per provision of section 69 stating it is a clear cut case of unexplained investment. Now the assessee is in appeal against the order.Any guidance or case laws for deletion of the addition.

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Does the failure of the CIT(A) to consider binding jurisdictional High Court decisions constitute a mistake apparent from the record, eligible for rectification under Section 154 of the Income Tax Act?

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Penalty u/s 271DA was imposed against the assessee but details of the transaction have not been given in the SCN issued before imposing penalty. Even the amount of penalty to be imposed not mentioned in the SCN. Is the penalty is valid.

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One assessee has purchase new residential property for section 54F benefit. Whether GST and Stamp Duty Paid on New Flat is allowed as deduction ?

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We lost our child, who was working in an MNC yesterday. Our child was made to work 7 day a week for the past 4 months. The last few weeks the work hours were increased and the work timings were 8 am to 1 am. 17 hours a day for 7 days a week. The 26 year old’s body couldn’t take the strain and our child had a fatal cardiac attack. What is the process for filing a case against the manager for forcing such strenuous working conditions and the MNC for one, encouraging such practices and two, for not having a system in place to check and prevent such mal practices?

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Facts of the Case The Taxpayer holds unlisted shares and optionally convertible debentures (OCD) in one of the Private Limited Company (say “ABC Private Limited”). The Debentures and Shares both are held by the Taxpayer for more than 5 years. Now the ABC Pvt Ltd incurred heavy losses and became debt ridden and the company was taken into liquidation under the IBC by one of the financial creditors. The liquidation order was passed by NCLT in February 2024 dissolving the company with immediate effect. The taxpayer received nothing on liquidation since company did not have any funds for distribution to debenture holders as well as shareholders. Thus, now the shares and debentures both are automatically cancelled due to dissolution of the company and the taxpayer incurred loss of investment in both shares and debentures. Queries 1. Whether the cancellation of shares and debentures would amount to Transfer u/s 2(47) of the Income tax Act 1961 due to relinquishment of the asset or extinguishment of right? 2. Whether the Full Value of Consideration u/s 48 can be taken as Nil and Long term capital loss shall be computed as per normal provisions of Act and the resultant LTCL could be set off or carry forward against other Long term capital gain? 3. Whether benefit of indexation would be allowed in the case of Unlisted shares? 4. The taxpayer has also offered some interest income on debentures on accrual basis however the same is also not received. Now since the company is dissolved the said interest will never be received and is also a loss to the taxpayer. Whether the said loss of interest can be adjusted against other interest income received during the year?  

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Inherited Rural Agriculture land converted into Non agriculture land and sold within 6 months of converting. Whether tax implication is LTCG or STCG

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Hi I am Chetan Desai I have 250 soft 1 room kitchen in chawl since 1950 in 2021 my room is going under redevelopment . Now I get 440 sqft flat and my flat allotede on 18 April 2022 and get registered on this day Now I want sell my flat after oc recived how property capital gain calculat and how much I have to pay? Or nil I have to pay pls advice

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