The assessee is a LLP engaged in the business of construction having plot of land as a stock in trade. The cost of the said land in the books of the assessee is approximately Rs. 15 crores and the assessee is holding the said land for a period of more than 5 years. The assessee also got plan sanctioned for a housing project to be constructed on the said land. However, due to some problems in the partners, they have decided to sale the said land along with all rights and liabilities as slump sale to M/s ABC. The net assets of the assessee firm is approx Rs. 12.5 crores and capital is Rs. 2.5 crores. The total consideration to be received as per the slump sale agreement is around Rs. 30 crores. Issues: Whether the above arrangement is justified in law. What are the tax implication in the hands of assessee firm What is the cost of acquisition in the hands of M/s ABC, whether it is Rs. 30 crores or Rs. 12.5 crores or Rs. 15 crores. Is there any liability under GST Act ?

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THREE CO-OWNERS PURCHASED A PLOT OF LAND IN 2012 AND IT WAS SOLD IN 2017. ALL OF THEM DECLARED THE INCOME IN THEIR RETURNS WHICH WERE ACCEPTED U/S 143 (1) .  NOW IN ONE CASE , THE ASSESSMENT IS REOPENED U/S 148 AND COST IS DISALLOWED AS PURCHASE DOCUMENT WAS NOT REGISTERED. IS THIS CORRECT ?  PLEASE CITE CASE LAW, IF ANY BECAUSE IN OTHER 2 CASES ASSESSMENT HAS NOT BEEN REOPENED.

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I AM A REGISTERED DEALER IN COMPOSITION SCHEME. I HAVE FISH SALE- 5000000/- AND MECHINERY PARTS SALE-5000000/- FISH SALE-HSN 0302 IS NIL RATED/EXEMPTED. DEPARTMENT IMPOSED 1% TAX ON TOTAL TURNOVER 10000000/- AM I LIABLE TO PAY TAX ON TOTAL TURNOVER?

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Assessee is company has filed the Return of Income for every year. Since assessee is engaged in the business of executing contracts , due to TDS there is always refund to the company. Almost every year assessment is completed U/Sec 143(3) by making an addition on the ground of difference in receipts as per 26AS and receipts as per profit and loss account since assessee could not give reconciliation.  Assessee submits that since it is company,  books of accounts are audited under co act as well as income tax Act and diffrence in mainly due to offering of income on accrual basis and therefore there there is bound to be diffrnece due to offering of income in next year however exact reconciation is not possible due volume of transcation and number of vendors.. assessee also.submitted that if the addition is to be made , then only real income be tax and not all the receipts. In the assessement also no other discrepancies in books of accounts are brought on record by the AO. Assessee filed an appeal for every year and requested AO to withhold refund up to  20% demand and issue balance refund. However AO is not accepted the request of assessee and adjusted the entire demand and not issued the refund. Issues : 1. Whether action of AO can added entire diffrence in receipts in Form 26AS and books of accounts is justified. 2. Whether such addition can be made with out rejecting books of accounts u/Sec 145 of the Act. 3. Whether AO is correct in rejecting assessee’ s request of holding refund after keeping in 20% demand and issue balance refund to assessee. Pl guide . .

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Certain Addition were made to the Return of Income On account of Investment in House Property and Difference in stock found During Survey operation in  Assesment completed u/s 143(3) For AY 2006-07. In Quantum Appeal Before CIT(A) the Additions Were Confirmed. ITAT vide Order Dated 08/07/2016 Confirmed the order of CIT(A). The Said order of ITAT as per certificate issued by Registrar was sent  to Principal Commissioner on 09/09/2016 Penalty Notice u/s 271(1)(C) was Issued for Concealment and furnishing inaccurate particulars of income.(in the printed form non applicable portion was not struck off) Penalty u/s 271(1)(c)was lavied by A.O. by order Dated 26/04/2017 of Rs.5,00,000/- Against the penalty order appeal was filed before CIT(A) and the only Ground taken was Regarding the limitations(Since the order was passed after 6 months As per Sec 275(1)(a) The CIT(A) deleted the penalty on the Ground of Limitation. Revenue Filed Second Appeal Before ITAT on the ground that  The order of the Tribunal was Received on 07/10/2016 in the office of PCIT(that is after 29 days from the date of dispatch by the office of ITAT) The case is covered under exceptions as per para 10A of circular no 03/2018 dated 17/07/18 of CBDT regarding low Tax effect.     No cross objections were filed by the assessee. During the course of Hearing before ITAT detailed paper book was filed by the Assesse raising the Following Legal issues:- Applicability of Sec 275(1)(a) Since more than 6 month Expired from the date of issue of ITAT order. Not Applicability of para 10A of CBDT circular 03/2018 dated 17/07/18. Non striking of non relevant portion in printed penalty notice. Admission of appeal in Quantum case by High Court and framing of Substantial Question of Law(Although after framing of question of law appeal from high court was withdrawn for availing Viwad se Viwad Scheme. During the Course of hearing before ITAT Department has not produced any documentary evidence in support of their contention as regards limitations issue. ITAT Dismissed the appeal stating the same to be devoid of any merit(after mentioning the facts of the case and order of the CIT(A). No detailed order was passed by the ITAT. Now the department has filed M.A. stating that ITAT dismissed the appeal of the revenue in limine. Without appreciating that the period of limitation for passing penalty order starts from the date of receipt of the appellate order of the Hon’ble ITAT in the O/o jurisdictional Pr. CIT. No other issue has been raised by the department. QUERY: How for the M.A. of the department is maintainable? What submissions should be made by the assessee before ITAT apart from certificate from ITAT Regarding the date of sending of order on 09/09/2016 to PCIT and Copy of Submissions made earlier as stated above? Kindly give detailed Reply with Citations.

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Assessee is partnership concern engaged in business of construction and trading of land .during the FY 31.03.2017 assessment was completed by accepting the income return by the assessee firm on 31.12.2019. Departmental Auditor has raised the query about not making an addition on account of difference in opening cash as per books and as per last years  financial statement. Ao has issued notice u/Sec.154 on 13.05.2022 which was serve on email of consultant which was not operative and therefore no response was submitted . Ao passed the order U/sec  154 on 3.08.2022 by making an addition of Rs.8 lakhs . AO also made reference to Joint CIT on the basis of observation of Audior about acceptance of sale consideration on sale of Land more than Rs.2 lakhs. To which consultant has given reply about difference in cash of Rs. 8 lakhs. On reference of AO , JcIT has issued SCN 8.4.2022 and 25.08.2022, 7.10.2022 and 17.10.2022and accordingly  has levied penalty of 28 lakhs U/Sec. 271D for contravention of Sec.269SS. Issues on 28.10.2022 : 1. There is no mention about initiation of penalty proceedings in the assessment order u/Sec. 143(3) and u/Sec. 154 of the Act. 2. Reference to JCIT was made by the AO after passing of assessment order and on the basis of issue raised by departmental Auditor. 3.Whether action of AO by making reference to jcit after completion of assessment order is correct in law. When he has verified the sales accepted the same in assessment order. 3. Whether penalty levied by JCIt is correct.

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Indian Company is having a Branch in Germany. Indian company remit the fund to German Branch against expenditures & so want to know if there is any TDS obligation under section 195. Refer any case laws.

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Can ESOP be issued without voting rights?

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Dear Sir/Mam, I sold a flat in Mar2019, and deposited Capital Gain in SBI capital gain account in Aug 2019, I am told that my LTCG Account A would expire on 31st Aug 2022,  since I have not utilized the money and hence I need to pay 20% tax on unused money from this capital gain account. Need your guidance on how to pay Tax and on which segment of ITR I should file in returns. Also, I am unhappy that inspite of COVID no relaxation given by government to extend LTCG period for reinvestment, Pls guide if I missed anything.

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Assessee is LLP having 4 partners out of them  3 are individual and one is another LLP, engaged in the business of constructions. They started the residential project and entire project is complete and completion certificate is also received from APPROPRIATE Local Athority .   They have decided to distribute  4 unsold units of equal size between themselves. Issues : 1. What are implication under stamp duty, GST  and income tax 2. Whether it is okay , if they transfer these units at Ready reckoner rate? Even though last unit sold was much higher than ready reckoner rate? 3. Does it make a difference if these units are transfered first and dissolve the Llp or it is advisable to do it on dissolution distrubute these units to the partners. Pl guide

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