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| 263 Revision | |
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| Excerpt of query: | After ITAT quashed order u/s 263 passed by pcit , AO issues notice u/s 154 on same point, what can be the remedy with Assessee? Does it partake contempt of order of ITAT ? any case law? |
| Penalty U/Sec. 271D and 271E, loan or deposit , cash | |
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| Excerpt of query: | Assessee is partnership firm engaged in the business of Dignostic center. During the search in the year 2017 with third party who is finance broker, a diary was found where noting about amount received and amount given , rate of interest and his commission was recorded. In the said dairy names were recorded in coded form, he has given statement that he earns only commission in the transcations , but did not disclosed the name of party. However, employee of the said assessee has given the details of names which are written in coded form. On the basis of such noting, assessee firm has received SCN for contravention of provisions of Sec. 269SS and 269T . Assessee has given the reply that he had no connection with said broker,, no other documents except that noting or statement of employee of broker was found. AO levied the Penalty U/sec. 271D and 271E for A.Y.2017-18 and 2018-19. Whether assessee can challenge the penalty order on following grounds ; 1. No assessment u/Sec. 143(3) was completed for the AY 2017-18 and 2018-19. Therefore reference made by AO to JCIT is invalid as same is not made during the course of any proceedings . 2. No documents which were relied upon have been provided to assessee firm 3. No opportunity of cross exMination is provided even though it is asked for . 4. No other evidence such as promissory notes,,or post dated cheques or noting of cash amounts or signature of assessee was found. Pl guide whether assesee’s above line of action is correct ? Suggest Any other ground to be taken and any judicial decisions to support the case of assessee. |
| Assessment under section 148 | |
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| Excerpt of query: | We have filed a return u.s 148 in response to notice u.s 148, then what is the status of earlier return filed us 139? |
| 148A, Revision | |
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| Excerpt of query: | Can AO issue notice i/s 148A when notice u/s 263 is pending on same point ? |
| MA on the ground of latest amendment about claim of education cess | |
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| Excerpt of query: | In the case of the assessee co for A.Y 2014-15, Hon’ble ITAT has consider the additional ground about claim of educational cess as allowable expenditure on the basis of decision of jurisdictional HC and allowed the claim and directed the AO to ascertain the correct amount of education cess and then allow a deduction for it, after allowing opportunity of hearing to the assessee (Order of ITAT dated 17.08.2021) Department has filed an MA on 12.08.2022 on the ground that Tribunal has not considered the decision of Supreme Court in the case of CIT vs. K. Srinivasan (1972) 83 ITR 346 (SC). Whether the MA is maintainable ? |
| 115BBE | |
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| Excerpt of query: | Does 115BBE apply to amount declared during survey u/s 133A? |
| Clarification about money sending from India and filing of ITR by a Resident but living outside India. | |
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| Excerpt of query: | How much money father living in India send / gift to his daughter living in UK. What is the amount limit per Financial Year and what are the rules under Income Tax Act / RBI permission / intimation and under FERA etc A person is resident in India but living in London. As on date, he does not have any income in India. Whether he has to file his return in India mentioning Nil income or exempted from filing ITR as he does not have any income. Secondly, whether he has to give the details of assets in India and Outside India. Please clarify as early as possible. Thanking You, Yours Sincerely, CA S.K. Goyal A.R. 9312289953 |
| 143[1][a] r w s 43B | |
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| Excerpt of query: | After judgement of SC in 143 TAxmann.com 178 , can one rely upon order in case of ITA 2376/Mum/2022 ? Any MA decided on the basis of above 2 cases in favour of Assessee ? |
| FIRM RECONSTITUTION | |
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| Excerpt of query: | A firm has 3 partners A,B and C. Partner B is retiring and his credit balance of capital/current account is taken over by partner A. Partner A is issuing “memorandum of debt” to retiring partner C. The debt instrument is proposed to be registered with registration department of immovable properties paying requisite stamp duty for registration of debt instrument. The firm has immovable property and machineries and is a manufacturing concern.What are the tax implication for the firm, partner A and retiring partner C ?. |
| Cancellation of Registration u/Sec. 12A retrospectively | |
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| Excerpt of query: | Assessee is Charitable trust registered under SEc. 12A since 1998 running educational institution . Search action U/Sec.132 was carried out at the premises of the trust , where in certain documents regarding acceptance of capitation fees were found. on the basis of those documents in the year Registration U/sec.12A was cancelled as per order passed in the month of may 2018 retrospectively w.e.f.A.Y. 2007-08. whehther the action of PCIT of cancellation of registration U/SEc.12A retrospectively is valid? |