Assessee is an individual. Search U/Sec. 132 has been conducted on 4.11.2017.  Assessee has not filed the Return of Income for A.Y. 2017-18 U/SEc. 139(1), however the time limit for furnishing the Return was 31.03.2018. Meanwhile the assessee has received the Notice U/Sec. 153A and therefore the assessee has filed the Return of income for A.Y. 2017-18 in response to Notice U/SEc. 153A on 25.03.2018 disclosing the income at Rs. 4750000.00 which included income for LTCG and STCG. The assessing officer has completed the assessment U/SEc. 153A r.w.s 143(3) by making an addition of 675000.00 on account of diffidence between the cost of house property disclosed in the Return of Income and value as per DVO as unexplained investment U/SEC. 69A. and initiated the penalty proceeding U/Sec. 270A(9) for under reporting of Income . on Appeal filed by the appeal before CIT A, who has accepted the contention of the appellant that since difference of Rs. 675000 is less than 5% is is with in the  tolerance limit  and deleted the addition made . On receipt of CIT A order , A.O. has levied the penalty on the following  ground : A. Assessee has responded to penalty proceedings B. Assessee has not raised any ground for initiation of Penalty proceedings U/Sec. 270A(9) of the Act c. Assessee would not have disclosed this income if search action was not conducted at assessee. hence AO levied the penalty U/SEc. 270A(9) under misreporting of income @200% on the entire income of  Rs. 4750000.00 disclosed in the return of Income filed in response to Notice U/SEc. 153A Whether action of A.O. is correct ? what reply assessee should give?

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whether a pan masala and tobacco trader who assemble pan on its own then does it amounts to manufacturing of pan masala or it is amounts to trading of pan masala  

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Against the order passed u/s 148A(d), assessee filed writ before Delhi High Court. Hon’ble Delhi high court allow the instant writ petition and set aside the order passed u/s 148A(d) of the Act. However the respondents i.e. department are granted liberty to initiate proceedings from the state of the notice dated …. u/s 148A(b) of the Act with due notice to the writ petitioner. In this case time limit for completion of case is 31.03.2014. Hence, my question is how to complete case afresh. what is new time barring date. when to pass order u/s 148A(d)

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Good evening What is the course of action to undo the ex-party assessment u/s 147 rws 144 done by faceless assessment unit. After remand or set aside by CIT (A), where the jurisdiction will fall for reassessment? Ie., jurisdictional ITO or faceless unit. For stay of demand whether certain payment of 20% is mandatory in the first appeal. When the assessee has no fin capacity to pay , then what is the recourse. Is there any favorable possibility incase a. Business closed b. Issue is 6 years old record not readily available.   Regards to team of experts          

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I hv received a notice u/s 148 as the ITR has not been filed. My query is whether I can claim refund in the ITR.

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Respected All Members I had a query regarding NGO Registration U/s 12AA/12AB. A NGO has applied for provisional registration U/s 12AA by filing Form 10A in the F/Y 2021-2022. The NGO has been granted provisional Registration for 3 years (upto AY 2023-2024). However, the NGO has not applied for permanent registration till date. The NGO has already started the charitable activities from the F/Y 2021-2022 and has not applied for Permanent registration within 6 months from the date of start of charitable activities. Now, what is the remedy as the time period to file the permanent registration has expired? Please suggest what the NGO can do now to continue the exemption U/s 12AA

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Decisions for “the addition on account of short credit of receipts as per Form 26AS made by the AO for the purpose of computing the tax liability does not fall any of the items mentioned in clauses (a) to (j) of the Explanation. It is submitted that since no adjustment on account of short credit of receipts as per Form 26AS is to be made while computing the book profit u/s 115JB of the Act”

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There is default u/s 271(1)(b) . The assessment was completed u/s 147 r.w.s 144B. Apart from the reasonable cause for did not respond to the notices issued since the assessment has been ccompleted u/s 147 r.w.s 144B , penalty u/s 271 (1)(b) is not leviable.  Please give case laws of court/ITAT on the point.

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THE CO-OPERATIVE SOCIETY ENTERED INTO DEVELOPMENT AGREEMENT WITH THE DEVLOPER IN FY 2014-15. THE SAID AGREEMENT REGISTERED IN FY 2014-15 AND STAMP DUTY DETERMINED VALUE AT RS.6.17 CR. BASED ON COST OF NEW CONSTRUCTION AND LEVIED STAMP DUTY. SOCIETY DID NOT RECEIVED ANYTHING FROM DEVELOPER. BUILDING MEMBERS VACATED IN 2017. DEVLOPER PAID HARDSHIP COMPENSATION TO EXISTING MEMBERS AND GAVE PERMANENT  ACCOMODATION TO MEMBERS IN THE YEAR 2021.  CAAN ITO TAX 6.17 CR. STAMP DUTY VALUE IHE HANDS OF SOCIETY IN FY 2014-15?  IN FACT EXISTING MEMBERS HAVE OFFERED CAPITAL GAIN TAX ON ACQUIRING OF NEW FLAT AND CLAIM EXEMPTION U/S.54. PL. ADVISE    

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Composition scheme for kirana store as 1% to be paid on Tax Free goods also as rice dal wheat.

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