Our trust was incorporated in 2013. Trust was having 12A but not 80G. At the time of new registration U/s 12AB, trust has applied for 80G in Form 10A in April-22. Provisional order in Form 10AC was granted on 30.05.2022. Trust was not carrying out any considerable charitable activity from incorporation. Just primary expense like Bank Charges and Audit Fees etc. It was also managing one school. In that case we have applied for regular registration in Form 10AB in the month of February as the commencement of charitable activity and first donation both happended in the Month of October-22. CIT(E) has rejected our claim  stating that your trust has already commenced activity in past as there is expense and income in your audit report. therefore your due date for Form 10AB will be 30.09.2023. Does trust do not have at least 6 months of time from provisional approval for applying for regular registration? What options are available to us and any judgement in our support is available?

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Is levy of penalty is justifiable on disallowance u/s 36(1)(va) after terming it as Under reporting of income.

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What arguments I can take in Reply to Penalty Notice u/s 270A. My case was pending before CIT (A) on issue of disallowance u/s 36(1)(va). Subsequently my appeal was dismissed by CIT (A) in view of judgement by Hon’ble SC in case of Checkmate Services Pvt Ltd.  Now the Income Tax Department has initiated the Penalty Proceedings u/s 270A for under reporting of income.

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During the course of search jewellery weighing 5646.800 gms was found which was of Gold and also some dimonds.  Family of assessee consist of 18 members which includes 10 married ladies , 5 individual, 3 unmarried daughter and one adult son. Assessee submitted that considering CBDT circular about seizing of jewellery, no jewellery is to be seized , however still Investigating Officer has seized 1646 gms on the ground that all the family members are though living in same building but are having separate kitchen hence all jewellery could be considered as explained. During assesssment proceedings have once again asked the explosion and source of entire jewellery found,  will bills and matching of item to item with jewellery found as well as seized and show cause as to why entire jewellery should not be considered as unexplained and  added u/Sec 68/69A of the Act. Is action of AO is correct? What reply assessee can give, considering CBDT Cir and as none of the assessee has filed return under wealth tax act.

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Indian private limited company engaged in processing of food grains opted for old scheme in A.Y. 2022-23. The company has  c/f unabsorbed depreciation. If the company opts for new tax regime during A.Y. 2023-24 whether c/f  unabsorbed depreciation can be set off against business income of F.Y. 2022-23 (A.Y. 2023-24)?

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Facts in Brief • An individual will receive certain amount in F.Y.2023-24 on account of sales of shares received under ESOP. • The shares were received more than 24 months back. • The company is a unlisted foreign company. • The amount paid at the time of exercising the option for ESOP more than 24 months back was negligible • No amount was offered for taxation in the year of exercise for ESOP. Query • Taxability of amount which will be received in F.Y.2023-24 on sale of shares under ESOP • STCG or LTCG • Calculation of amount of gain • Exemption available under various section of 54 (other than investment in Residential House Property u/s 54F)

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Queries Regarding Domestic Transfer Pricing Case A 1. A partnership firm(having ‘A’ as Karta of his HUF and ‘B’ his wife as partners) is doing the business of Purchase and Sales of Grains in wholesale and semi-wholesale. 2. Total Turnover during F.Y. 2022-23 is more than Rs.20crore. 3. The assessee firm has also sold goods during the above F.Y. to a concern( in which proprietor is son of Mr. ‘A’) 4. The sales made to above concern during above F.Y. is more than Rs.20crore. 5. Whether provisions of Domestic Transfer Pricing Audit are applicable on the above partnership firm? Case B 1. A proprietorship concern of Mr. ‘C’ is doing the business of Purchase and Sales of Grains in wholesale and semi-wholesale. 2. Total Turnover during F.Y. 2022-23 is more than Rs.20crore 3. The assessee concern has made purchases of more than Rs. 20crore from the above partnership firm. 4. The assessee concern has sold goods to a concern in which his father is proprietor. 5. The sales made to above concern during above F.Y. is less than Rs.20crore. 6. Whether provisions of Domestic Transfer Pricing Audit are applicable on the above proprietorship concern?

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In the assessment completed U/SEc. 144 where the AO has rejected the books of accounts and disallowed the entire loss claimed by the assessee co on the ground that assessee has not produced the books and other evidences . Further AO has also made an addition U/SEc. 68 for not giving any details about the loans and also not allowed the carried forward business loss as well as depreciation loss. Whether Ao can make addition U/SEc. 68, when he himself disallowed the entire loss on the ground of non production of books of accounts and non furnishing of any information to the notices issued . Whether action AO of not allowance of  carried forward business loss as well as depreciation loss is  legally correct. pl guide

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Assessee has challenged  validity of the impugned section 153C proceedings for want of a proper satisfaction.   Assessing Officer appears to have initiated the impugned section 153C proceedings  in light of his satisfaction note prepared on 13.01.2016 that the corresponding seized material in fact “pertains to” the assessee  during the course of search with xyz and thus had a “bearing” on its undisclosed income. ITAT has passed the order in favour of the assessee by relying upon the   decision in Income Tax Appeal No.83/2014 CIT vs. M/s. Arpit Land Pvt. Ltd., dated 07.02.2017 has decided the very issue of validity of 153C assessment against the department and in taxpayer‟s favour in the month of July 2022. After the decision of SC in the case of  ITO V Vikram S Bhatia and others Department has filed an MA on the gound that the satisfaction recorded by the AO is correct and decision of ITAT taken ob the basis of HC decision has become void . the delay in filling MA is due to fact that SC has passed the order on 6.04.2023. whether the MA filed is legally Valid and Is there any remedy to oppose  the MA. pl guide

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For and on behalf of an NRI, Objections to the Draft Order u/s.144C were filed in Form 35A which was signed by Advocate. Letter of Authority in favour of the Advocate was also submitted simultaneously. The matter is pending with DRP. Recently ITAT Mumbai in the case of Bridge India Fund v/s ACIT ( ITA Nos. 457 & 458/Mum/ 2023 And SA 49 and 50/M/2023) pronounced on  01.08.2023 held that Form 35A has to be signed by the assessee only and Advocate can not sign the Form. Please advise whether we should file Form 35A again signed by the assessee with DRP without waiting for any response from DRP alongwith application for condonation of delay. Or should we wait for a communication/ notice from DRP?

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