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Some of the queries asked by people are given below.

Recovery Proceedings under GST
Excerpt of query:	Dear Experts, In one of the cases the department has allowed 30 days time time for payment of demand as per order in DRC07 passed under section 73 but time limit for filing appeal under sec 107(1) is 3 months. If one intends to file appeal after 30 days, the department may initiate recovery proceedings but the time limit for filing appeal has not yet expired. Whether we need to file any application to the department that though 30 days time for making payment of demand has expired, we shall be filing an appeal under section 107(1) within 3 months so the demand be stayed ? Please advice read more

Recovery Proceedings under GST

Excerpt of query:

Dear Experts, In one of the cases the department has allowed 30 days time time for payment of demand as per order in DRC07 passed under section 73 but time limit for filing appeal under sec 107(1) is 3 months. If one intends to file appeal after 30 days, the department may initiate recovery proceedings but the time limit for filing appeal has not yet expired. Whether we need to file any application to the department that though 30 days time for making payment of demand has expired, we shall be filing an appeal under section 107(1) within 3 months so the demand be stayed ? Please advice

Leave Encashment
Excerpt of query:	Can the leave encashment received from Company1 on resignation be claimed under section 10(10AA) even when you switch to a new company. read more

Leave Encashment

Excerpt of query:

Can the leave encashment received from Company1 on resignation be claimed under section 10(10AA) even when you switch to a new company.

Clarification of income u/s 56(2)(x) in the light of section 43CA of Income tax
Excerpt of query:	My client purchased a ‘Residential property’ in FY 23-24 by paying Total considerarion money equal to 50 L by cheque. The Stamp duty valuation of the property was 58 L. So, stamp duty was paid on value 58L. Thus the difference between consideration amount and Stamp duty valuation is 8L which is more than 10% of consideration amount. The question is as follows- 1- Is my client liable to declare in Return an income of 8L under section 56(2)(x) of I.T. Act , under head ‘ Income from other sources’ of Income. one Expert advised positively for declaration of income equal to 8L by arguing that the difference between consideration amount and Stamp valuation is more than 10% of consideration amount. The other Expert advised negatively , on the basis of using section 43CA of I.T. Act , that since the property is of ‘ ‘Residential naure’ and the difference 8L between the consideration amount and stamp value is less than 20% of consideration amount . I am in doubt. Pl. be kind to give your opinion so that correct return may be filed for the client. Thanks. Dated 23.05.2024. read more

Clarification of income u/s 56(2)(x) in the light of section 43CA of Income tax

Excerpt of query:

My client purchased a ‘Residential property’ in FY 23-24 by paying Total considerarion money equal to 50 L by cheque. The Stamp duty valuation of the property was 58 L. So, stamp duty was paid on value 58L. Thus the difference between consideration amount and Stamp duty valuation is 8L which is more than 10% of consideration amount. The question is as follows- 1- Is my client liable to declare in Return an income of 8L under section 56(2)(x) of I.T. Act , under head ‘ Income from other sources’ of Income. one Expert advised positively for declaration of income equal to 8L by arguing that the difference between consideration amount and Stamp valuation is more than 10% of consideration amount. The other Expert advised negatively , on the basis of using section 43CA of I.T. Act , that since the property is of ‘ ‘Residential naure’ and the difference 8L between the consideration amount and stamp value is less than 20% of consideration amount . I am in doubt. Pl. be kind to give your opinion so that correct return may be filed for the client. Thanks. Dated 23.05.2024.

GST ITC
Excerpt of query:	Assessee is a company who has leased a car for its employee. The lease is in the name of company & the lease + other charges are paid by company. No amount is recovered from the employee. Is the GST on the lease rent & other expenses on the lease is available for ITC or not by the company? read more

GST ITC

Excerpt of query:

Assessee is a company who has leased a car for its employee. The lease is in the name of company & the lease + other charges are paid by company. No amount is recovered from the employee. Is the GST on the lease rent & other expenses on the lease is available for ITC or not by the company?

Companies Act, 2013
Excerpt of query:	Can a new director be appointed when there is suit pending before the NCLT for oppression and mismanagement read more

Companies Act, 2013

Excerpt of query:

Can a new director be appointed when there is suit pending before the NCLT for oppression and mismanagement

Export Sale
Excerpt of query:	Sir, I made an export sale in the previous year but showed as B2B sales in GSTR-1 and tax paid on such export sale. In order to claim the tax paid on such sales I showed the tax amount as input tax credit and claimed credit. Now, the department has raised demand of such amount. Please provide some solution. read more

Export Sale

Excerpt of query:

Sir, I made an export sale in the previous year but showed as B2B sales in GSTR-1 and tax paid on such export sale. In order to claim the tax paid on such sales I showed the tax amount as input tax credit and claimed credit. Now, the department has raised demand of such amount. Please provide some solution.

Issue of notice under sections 148 and 148A
Excerpt of query:	One query: The assessee being a nri, received notice under 148A and 148 from AO as per the pan records. Subsequently during 148 proceedings, notices under 142(1) were issued by International taxation AO. Can we object saying that the notices under 148A and 148 are bad in law and without jurisdiction and the procedure has to be started afresh? If yes, please share any case law. read more

Issue of notice under sections 148 and 148A

Excerpt of query:

One query: The assessee being a nri, received notice under 148A and 148 from AO as per the pan records. Subsequently during 148 proceedings, notices under 142(1) were issued by International taxation AO. Can we object saying that the notices under 148A and 148 are bad in law and without jurisdiction and the procedure has to be started afresh? If yes, please share any case law.

Criminal Cases on HUF Kartha
Excerpt of query:	If there are criminial cases going on a HUF Kartha’s business, what will happen to those criminal cases, if the Kartha dies. Example, a Kartha established a business by illegally collecting money from public. A case is running in the court and the case is going on. If the Kartha, dies can the business escape from the law and need not pay back the money? read more

Criminal Cases on HUF Kartha

Excerpt of query:

If there are criminial cases going on a HUF Kartha’s business, what will happen to those criminal cases, if the Kartha dies. Example, a Kartha established a business by illegally collecting money from public. A case is running in the court and the case is going on. If the Kartha, dies can the business escape from the law and need not pay back the money?

Applicability of section 56(2)(x) in the hands of the firm on partners capital contribution in kind
Excerpt of query:	Mr. A, a partner in a firm ABC, wants to contribute shares of an unlisted entity held by him as his capital contribution in the firm. The FMV of the shares is Rs. one crores whereas it is being recorded at Rs. 5,00,000 in the books of the firm, being the cost in the hands of the partner. Under section 45(3), there will be no incidence of tax in the hands of the contributing partner. Whether the firm can be held liable for tax on Rs. 95,00,000 under section 56(2)(x) on the difference between FMV and recorded in the books of the firm? read more

Applicability of section 56(2)(x) in the hands of the firm on partners capital contribution in kind

Excerpt of query:

Mr. A, a partner in a firm ABC, wants to contribute shares of an unlisted entity held by him as his capital contribution in the firm. The FMV of the shares is Rs. one crores whereas it is being recorded at Rs. 5,00,000 in the books of the firm, being the cost in the hands of the partner. Under section 45(3), there will be no incidence of tax in the hands of the contributing partner. Whether the firm can be held liable for tax on Rs. 95,00,000 under section 56(2)(x) on the difference between FMV and recorded in the books of the firm?

Deduction of Section 24b of Joint Housing Loan
Excerpt of query:	If joint loan is taken by husband and wife. But wife is the sole owner of the house. Whether both can take the deduction of Section 24(b) and Section 80C or only one will be able to take the deduction? read more

Deduction of Section 24b of Joint Housing Loan

Excerpt of query:

If joint loan is taken by husband and wife. But wife is the sole owner of the house. Whether both can take the deduction of Section 24(b) and Section 80C or only one will be able to take the deduction?

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