Assessee is the co and during the course of assessment proceedings for A.Y. 20-21 on the basis of voucher seized during the course of search with other person , where in it is stated that the  other person has made payment of Rs. 5 lakhs in cash and same has been added U/Sec.69 of the Act  and now the assessee has received show cause Notice U/Sec. 271DA of the Act. whether Penalty U/Sec. 271DA can be levied even if addition is made U/SEc. 69 for the amount which is not recorded in the books of the assessee. whether assessee has denied the acceptance of any such amount , still penalty can be levied? How assesee should reply to show cause Notice U/SEc.271DA pl guide

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what will be the GST amount Chargeable on the amount of Corporate Guarantee in case of newly opened Subsidiary Company?

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Assessee is jewellery and sold jewellery to Mr. A of Rs. 5 lakhs  , Who is director of ABC co . In the assessment proceedings of ABC co it is found that cash has been deposited in Bank account of ABC co and payment has been given by RTGS from account of ABC co to assessee. Ao of ABC co intimated the said information and statement of Mr.A that transaction with assessee of purchase of jewellery is accomodations entry. On the basis of this information assessee case was reopened u/Sec. 147 and Addition of Rs. 5lakhs is made U/Sec. 68 of the Act. Assessee has also requested for giving opportunity of cross examination ,which was denied on the ground that it is just procedural. Whether action of the AO in adding Rs. 5 lakhs U/Sec.68 is justified in the hands of assessee and that to with out giving opportunity of cross examination and not appreciating submissions of the assessee that assessee has disclosed the transaction of sale , books of accounts of the assessee are audited and assessee is maintaining quantitative record and the quantity of stock is also reduced . Pl guide

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Assessee is Charitable trust registered U/Sec.12 A of the Act and it has received Rs. 5 lakhs on sale of  lease hold rights. Trust has invested Rs. 5 lakhs in fixed Deposits for a period more than 12 month. However while filing Return of income assessee has insteade of disclosing under section 11(1A) through oversight has disclosed u/Sec. 11(2). Intimation received U/Sec. 143(1) Assessing income at Rs. 5 lakhs on the ground that assessee has not uploaded form 10 for exercise option u/Sec. 11(2). Assessee Trust has filed rectification u/sec. 154 mentioning the error happened while filling Return of Income also explained that throughoversight exemption is claimed u/Sec. 11(2) and not 11(1A) since invested the amount in Fixed deposit more than 12 month and same has been rejected on the ground that assessee trust has not uploaded form 10 . Assessee filed an appeal against the order U/sec. 154 and CiT a has allowed the appeal on the ground that assessee has invested amount received on sale of lease hold rights in FD with Bank more than 12 months u/Sec 11(1A) of the Act. Whether CIT A is right and whether assessee can defend the order of CIT A .  Pl guide.

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Does NRI have to update LTCG in schedule 115AD(1)(b)(iii)provisio but this schedule is enabled only for FII/FPI. So, how does NRI declare and specify LTCG details in ITR2?

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If unspent amount  of LTCG is not deposited in Capital Gains scheme before date of filing return , whether any chance of claiming exemption u/s 54 etc ?

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I have paid interest on personal loan taken for acquisition of a capital asset  . i want to claim  the interest paid by adding to the cost of the asset . can I have case laws allowing the same as my Ao has disallowed the same

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An Assessee invested Rs.25 Lacs in Penny Stock in Oct 2015 & sold the same for Rs 65 Lakhs in Jan 2016. He showed STCG of Rs 40 Lacs in his ROI in A.Y 2016 -17 paid 15 % tax on STCG alongwith other income. Case was reopened, the AO made the addition Rs. 65 Lacs u/s 68 which he received from sale of shares. My question is whether the escaped income will be treated Rs.25 Lacs as assessee has already disclosed Rs.40 Lacs under STCG or Rs.65 Lacs as assessed by the AO. If it is Rs.25 Lacs then the case cannot be reopened under new section 149 as it is more than 3 years and amount of escaped income is less than Rs.50 Lacs. I request you to please give your views on this query.

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Hello Sir, HUF possesses a flat in a co.op.hsg.society of total 21 flat owners. With the consent of 20 owners, society is going for a redeployment. KARTA of HUF has neither signed Irrevocable Consent Letter nor the M.O.U. Shockingly, without the consent of KARTA of HUF, the society had given the possession of the premises to the redeveloper and it had demolished all the flats. What actions should be taken by KARTA and on whom? Please urge you to treat it as most urgent and guide me? Thanks & Regards, Deepak

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Leave encashment benefits received by the salaried class at retirement, whose limit has been hiked from ₹3 lakh to ₹25 lakh in the Budget, will be tax-free in their hands under the new income tax regime even if they switch to it in the year of retirement, Revenue Secretary Sanjay Malhotra told. IS THIS FACILITIES ARE AVAILABLE ON ACCURAL BASIS OR PAYMENT BASIS, SUPPOSE A PERSON HAS BEEN RETAIRED FROM PSU SERVICE ON 31.10.2022 BUT HIS FINAL SETTLEMENT IS NOT YET DONE TILL TO DAY i.e. GRATUITY , LEAVE ENCASHMENT IS NOT YET PAID, MY QUESTION IS CAN HE AVAIL THE BENEFIT OF TAX EXEMPTION LIMIT RS.25,00,000 ON LEAVE ENCASHMENT ? THOUGH HE HAS RETAIRED FROM SERVICES ON 31.10.2022 REGARDS Y.S.MAHAPATRA 8896600712 E MAIL ysmahapatra@yahoo.com

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