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| circular trading | |
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| Excerpt of query: | what can AO add in such a case where circular trading is detected by search wing ? percentage of notional profit ? or disallow only loss ? |
| 45[2],proprietor converts proprietary business into LLP | |
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| Excerpt of query: | when an individual proprietor converts proprietary business into LLP , will there be any capital gains u/s 45 or 50 on assets introduced as capital ? |
| 148Ad[1] order | |
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| Excerpt of query: | what is the remedy against wrong order u/s 148Ad[1] ? |
| 44AD | |
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| Excerpt of query: | Can an individual claim interest income and expenses u/s 44AD ? Is money Lending licence necessary to do so ? |
| Capital gain on sale of building used for commercial purpose along with plot of land | |
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| Excerpt of query: | Assessee , A partnership firm has huge plot of NA land and has constructed commercial building on some portion of said land and said building was used for business purpose. Upto 31-3-2010, depreciation was claimed with respect to said building. However with effect from 1/4/2010, business operations of the assessee was discontinued and so assessee stop claiming depreciation on all of its assets including building. However normal return was filed every year showing losses because certain administrative expenses needs to be incurred. During the year, assessee has sold the full property which consist of Land and Building. Land being long term and acquired before 1/4/2001, will be classified as Long term capital assets and Stamp duty value as on 1/4/2001 will be replaced in place of cost of land and surplus will be long term capital gain. But how the surplus from building will be taxed. Will it be taxed at par with land or will it be taxable u/s. 50 as assessee has availed depreciation on it in past upto 31/3/2010. In case the surplus from building is taxed u/s. 50, can asssessee claim it to be Long term capital asset and Does the benefits of investment u/s. 54EC be obtained by assessee with respect to Capital gain arising from sale of building specially after amendment to section 54Ec with effect from finance act, 2018 What planning can be made to save tax with respect to Land and building both. |
| delay in paying taxes | |
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| Excerpt of query: | 1] whether any remedy against delay in paying taxes under VSVT 20 ? 2]whether any remedy against delay in paying taxes under IDS 16 ? |
| Can High Court give directive for something not brought up in court ? | |
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| Excerpt of query: | Appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order of ITAT. Here the HC has given direction to allow assessee to file under Vivad Se Vishwas scheme but the ITAT went only for condonation of delay for limitation period which was allowed by HC. Is it beyond HC’s jurisdiction to give directive to assessee to go for VSV scheme ? The main question is does the HC have power under 260A to direct on issue not brought up in court ? https://taxguru.in/income-tax/hc-allows-assessee-avail-vivad-se-vishwas-scheme-benefit-due-date-considering-delay-filing-appeal-revenue.html |
| Reassessment proceedings U/s148 on the basis of non payment towards IDS declaration | |
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| Excerpt of query: | Assessee is an individual. assessee filed the declaration under IDS for A.Y. 2012-13 in respect of undisclosed income. In the said declaration assessee showing nature of undisclosed income as cash. Assesse not deposit the subsequent tax instalment of IDS accordingly such IDS declaration considered as invalid . AO has issued the Notice U/s 148 on 30.03.2019 on the direction of PCIT on the ground assessee has not paid the taxes under the IDS declaration and therefore the income disclosed in the IDS for A.Y. 2012-13. whether the action of AO for reopening the the assessment for A.Y 2012-13 and considering the income disclosed in IDS, for which PCIT directed to take action is justified ? Please Guide |
| Sec.68 and Cash deposits in demonetisation period | |
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| Excerpt of query: | Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. Ao has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. Whether action of AO is justified ? Pl guide . |
| 153A vs 153C | |
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| Excerpt of query: | Can AO issue notice u/s 153C after he realised that notice u/s 153A was invalid due to lack of search warrant on Assessee ? |