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Some of the queries asked by people are given below.

Sec 264 of income tax act
Excerpt of query:	Sir I have received a response from income tax against my grievance of omitting rental income for AY 24-25 asking me to file an application u/s 264 to jurisdictional PCIT online. But I am unable to find option to file application u/s 264 in online portal. Also it is stated that even after adding the omitted rental income there is no outflow of tax after 87A exemption . Please advice me. read more

Sec 264 of income tax act

Excerpt of query:

Sir I have received a response from income tax against my grievance of omitting rental income for AY 24-25 asking me to file an application u/s 264 to jurisdictional PCIT online. But I am unable to find option to file application u/s 264 in online portal. Also it is stated that even after adding the omitted rental income there is no outflow of tax after 87A exemption . Please advice me.

Leave encashment on retirement
Excerpt of query:	I retired from SBI on 30.11.21 Can I claim exemption now upto 2500000 by filing revised ITR read more

Leave encashment on retirement

Excerpt of query:

I retired from SBI on 30.11.21 Can I claim exemption now upto 2500000 by filing revised ITR

How Is Ancestral Property Partitioned?
Excerpt of query:	How Is Ancestral Property Partitioned? read more

How Is Ancestral Property Partitioned?

Excerpt of query:

How Is Ancestral Property Partitioned?

PENALTY PROCEEDING u/S 270 AFTER ASSESSMENT U/S 143(2)
Excerpt of query:	what are the consequences of penalty for income escaped in 23-24 accepted by tax payer while scrutiny assessment u/s 143(2). Facts: The taxpayer is an artist and has verbal contract for performance for 23-24 and 24-25. The taxpayer has received total rs. 4.5 cr (1.5cr as advance ) in 23-24 and TDS has been deducted and GST also has been paid for the same and by mistake advances were shown as B2B invoices and hence GST turnover is shown as 4.5cr. While filing Income tax return it has been observed and the said 1.5 cr advances has been removed from Gross Receipts and the return was filed U/s 44ADA offering 3 Cr as Gross income and tax has been paid. Now the assessment u/s 143(2) has been initiated and the assessee is ready to offer the same as income in the submission and with interest to avoid penal consequences. what are the consequences U/s 270F and 271F for the same read more

PENALTY PROCEEDING u/S 270 AFTER ASSESSMENT U/S 143(2)

Excerpt of query:

what are the consequences of penalty for income escaped in 23-24 accepted by tax payer while scrutiny assessment u/s 143(2). Facts: The taxpayer is an artist and has verbal contract for performance for 23-24 and 24-25. The taxpayer has received total rs. 4.5 cr (1.5cr as advance ) in 23-24 and TDS has been deducted and GST also has been paid for the same and by mistake advances were shown as B2B invoices and hence GST turnover is shown as 4.5cr. While filing Income tax return it has been observed and the said 1.5 cr advances has been removed from Gross Receipts and the return was filed U/s 44ADA offering 3 Cr as Gross income and tax has been paid. Now the assessment u/s 143(2) has been initiated and the assessee is ready to offer the same as income in the submission and with interest to avoid penal consequences. what are the consequences U/s 270F and 271F for the same

Thakkar
Excerpt of query:	We own a 4Bhk flat under two names Mine and my father’s HUF, Building is to go into Redevelopment and 79 A will be signed, Wanted to understand is it possible, advisable, Tax efficient to split the flat into two 3Bhk flats One in each name , what will be the tax implications for the same ? read more

Thakkar

Excerpt of query:

We own a 4Bhk flat under two names Mine and my father’s HUF, Building is to go into Redevelopment and 79 A will be signed, Wanted to understand is it possible, advisable, Tax efficient to split the flat into two 3Bhk flats One in each name , what will be the tax implications for the same ?

WE HAVE A PARTNERSHIP FIRM WITH 9 PARTNERS AND 6 WANT TO RETIRE
Excerpt of query:	WE HAVE A PARTNERSHIP FIRM WITH 9 PARTNERS AND 6 WANT TO RETIRE , WE HAVE VERY LOW CAPITAL ACCOUNT BUT FIRMS HAS THE ASSET WHICH HAS HIGH FMV AND GRV HOW CAN WE RETIRE THE PARTNERS ,HOW MUCH SHARE VALUE CAN BE CONSIDERED AND ON WHAT GROUNDS read more

WE HAVE A PARTNERSHIP FIRM WITH 9 PARTNERS AND 6 WANT TO RETIRE

Excerpt of query:

WE HAVE A PARTNERSHIP FIRM WITH 9 PARTNERS AND 6 WANT TO RETIRE , WE HAVE VERY LOW CAPITAL ACCOUNT BUT FIRMS HAS THE ASSET WHICH HAS HIGH FMV AND GRV HOW CAN WE RETIRE THE PARTNERS ,HOW MUCH SHARE VALUE CAN BE CONSIDERED AND ON WHAT GROUNDS

ITAT ORDER FOR RESTORATION OF APPEAL TO CIT (A) UNDER NFAC
Excerpt of query:	OURS IS A ESTATE OF A DECEASED INDIVIDUAL. ITAT HAS PASSED ORDERS TO RESTORE THE APPEAL TO CIT (A) IN 2022. WE HAVE STILL NOT RECEIVED ANY COMMUNICATION FOR HEARING OR REPLY. SIMILAR APPEAL WAS PASSED IN OUR FAVOUR BY ITAT FOR OTHER YEAR ALSO. CIT(A) ALSO PASSED ORDERS IN OUR FAVOUR. ALL THE YEARS HAD SIMILAR GROUNDS OF APPEAL HOW DO WE FOLLOW UP FOR THE APPEAL AS ITS WAS UNDER NFAC PLEASE ADVICE AND GUIDE THANKS AND BEST REGARDS read more

ITAT ORDER FOR RESTORATION OF APPEAL TO CIT (A) UNDER NFAC

Excerpt of query:

OURS IS A ESTATE OF A DECEASED INDIVIDUAL. ITAT HAS PASSED ORDERS TO RESTORE THE APPEAL TO CIT (A) IN 2022. WE HAVE STILL NOT RECEIVED ANY COMMUNICATION FOR HEARING OR REPLY. SIMILAR APPEAL WAS PASSED IN OUR FAVOUR BY ITAT FOR OTHER YEAR ALSO. CIT(A) ALSO PASSED ORDERS IN OUR FAVOUR. ALL THE YEARS HAD SIMILAR GROUNDS OF APPEAL HOW DO WE FOLLOW UP FOR THE APPEAL AS ITS WAS UNDER NFAC PLEASE ADVICE AND GUIDE THANKS AND BEST REGARDS

To claim Tax exemption on leave encashment for AY 2021-22. Tax paid over 3 lakh.
Excerpt of query:	I retired from Bank on Jan 31, 2021. As per then IT rules, tax was paid on leave encashment over and above 3 lakhs for the amount being 20 lakhs. I tried for full exemption but in online form it was not accepted stating that I am not a government employee. In 2023, the exemption limit was enhanced to 25 lakhs from 3 lakhs. I felt cheated. As I observe, a person retired in FY 2020-21 like me, claiming such exemption through ITAT, succeeded in getting exemption. I also want to avail this exemption. How it will be done. read more

To claim Tax exemption on leave encashment for AY 2021-22. Tax paid over 3 lakh.

Excerpt of query:

I retired from Bank on Jan 31, 2021. As per then IT rules, tax was paid on leave encashment over and above 3 lakhs for the amount being 20 lakhs. I tried for full exemption but in online form it was not accepted stating that I am not a government employee. In 2023, the exemption limit was enhanced to 25 lakhs from 3 lakhs. I felt cheated. As I observe, a person retired in FY 2020-21 like me, claiming such exemption through ITAT, succeeded in getting exemption. I also want to avail this exemption. How it will be done.

ASSESSEE HAS GIFTED 4 RESIDENTIAL HOUSE TO HIS WIFE. IS HE ELIGIBLE FOR DEDUCTION U/S54f
Excerpt of query:	ASSESSEE HAS GIFTED 4 RESIDENTIAL HOUSE TO HIS WIFE DID HE ELIGIBLE FOR DEDUCTION U/S54f read more

ASSESSEE HAS GIFTED 4 RESIDENTIAL HOUSE TO HIS WIFE. IS HE ELIGIBLE FOR DEDUCTION U/S54f

Excerpt of query:

ASSESSEE HAS GIFTED 4 RESIDENTIAL HOUSE TO HIS WIFE DID HE ELIGIBLE FOR DEDUCTION U/S54f

Penalty Proceeding u/s270A after assessment u/s 143(3).
Excerpt of query:	Assessee is a Company. Initially Income returned furnishing LTCG- (3,01,10,469) Later on return revised and LTCG furnished- (3,09,91,066) Scrutiny assessment made and Income Computed-8,80,600 i,e difference amount of above 2 figures. Details of Scrutiny assessment: Assessees Submission- Sale of Property Rs. 7,07,72,924 Cost Price Rs. 3,40,56,800 Cost of Improvement Rs. 6,77,07,191 Indexed cost of Acq & Imprv. Rs. 10,17,63,991 Long Term Capital Loss Rs. 3,09,91,067 AO Reply – Cost of Improvements were disallowed citing non submission of proof of expenditure although proof submitted(except few). Total Tax claimed in scrutiny assessment was Rs. 1,83,165 which was covered by TDS claim of Assessee thereby arriving at a refund of Rs. 70,175. There was no mention of Penalty proceedings u/s 270A in the Scrutiny assessment On a latter date penalty proceeding initiated citing under reporting of income of Rs. 3,09,91,067 (Which is the Long Term Capital Loss itself) and huge penalty imposed through demand u/s 156. Latest Situation of the Case: Appeal Filed. What would be the future course of action and what are the supporting case laws that could be submitted in appeal Please Help. read more

Penalty Proceeding u/s270A after assessment u/s 143(3).

Excerpt of query:

Assessee is a Company. Initially Income returned furnishing LTCG- (3,01,10,469) Later on return revised and LTCG furnished- (3,09,91,066) Scrutiny assessment made and Income Computed-8,80,600 i,e difference amount of above 2 figures. Details of Scrutiny assessment: Assessees Submission- Sale of Property Rs. 7,07,72,924 Cost Price Rs. 3,40,56,800 Cost of Improvement Rs. 6,77,07,191 Indexed cost of Acq & Imprv. Rs. 10,17,63,991 Long Term Capital Loss Rs. 3,09,91,067 AO Reply – Cost of Improvements were disallowed citing non submission of proof of expenditure although proof submitted(except few). Total Tax claimed in scrutiny assessment was Rs. 1,83,165 which was covered by TDS claim of Assessee thereby arriving at a refund of Rs. 70,175. There was no mention of Penalty proceedings u/s 270A in the Scrutiny assessment On a latter date penalty proceeding initiated citing under reporting of income of Rs. 3,09,91,067 (Which is the Long Term Capital Loss itself) and huge penalty imposed through demand u/s 156. Latest Situation of the Case: Appeal Filed. What would be the future course of action and what are the supporting case laws that could be submitted in appeal Please Help.

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