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| FY 2017-18- GST Refund | |
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| Excerpt of query: | Hi, We have claimed GST Refund for FY 2017-18 in January 2020. Refund got processed. However during the GST Audit, officer is claiming to reject the refund and claim back amount. Is there any case laws to support the refund claim, providing mere delay in claim subject to meeting other refund claims should not be reason for rejecting refund. Thank you in advance. Look forward to hear from you at the earliest. |
| 148A notice on deceased person | |
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| Excerpt of query: | Sir my father sold land on 2016 and paid TDS, he was died on 2017, we got 148A notice now 2023, he was undergone cancer treatment during year 2017, 20 lakhs was spent for treatment remaining he closed all his debts, we dont have any documents regarding that. How can we handle this |
| 263-Commissioner – Revision of orders prejudicial to revenue | |
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| Excerpt of query: | Can ITAT decline to hear appeal against order u/s 263 just because another order u/s 143[3] r w s 263 is passed making those additions ? |
| donation to political party | |
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| Excerpt of query: | will deduction be denied to donor if certificate of such donee party is revoked after donation is given ? can 115bbe be invoked ? will it attract 200% penalty u/s 270A? can penalty be imposed u/s 271AAc in addition to 270A? Can penalty be levied u/s 271AAD in addition to above said penalties ? Is prosecution possible ? |
| BMA ACT | |
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| Excerpt of query: | what is the remedy against Look Out notice under BMA ? |
| Sec.154. Rectification of mistake apparent from record | |
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| Excerpt of query: | Can a application for rectification be filed where the assessing officer makes an addition under 69A when the section is not applicable In the present case the addition has been made on account of a “transaction” recorded in the books of account. In the present case the assessee a stock broker on clients orders executed orders of purchase and sale of shares through the national stock exchanges. on behalf of an alledged paper company duely registered with the ROC all transaction being carried out through banks and dmat accounts. The total amount RECEIVED on account of such transactions was around 5 cr. and the total amount PAID out was 27cr. The A.O made an addtion of Rs. 5 cr. ( ignoring the amount paid amounting to Rs.27 cr.) to the returned income on account of this “transaction” under sec 69A ignoring the amount paid, whreas addition under this section can be on account of “valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assesse offers no explanation about the nature and source of……” Where the assessing officer himself states that the addtion is made on account of this “transaction” which is recorded in the books can an addtion be made u/s,69A . Is this not an error apparent on record ? Should this not be rectified on an application made under U/s.154.? |
| Search and reopening of assessment | |
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| Excerpt of query: | Search u/sec. 132 of the Act is carried out in the month of Jan 2023 and incriminating documents are found for the FY 2010-11 to Jan 23 are found. How many years of assessment will be re opened for 6 years or 10 years proceedings the year of search 22- 23. |
| Foreign Investments | |
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| Excerpt of query: | An Person of Indian origin, who is having US citizenship, has after working in Canada and USA for many years, has not settled in India and is residing in India for more than 15 years and his status as per Section 6 of Income tax act is Resident and Ordinary resident. He is filing regular return in India with respect to his Indian income and He is also filing return in USA with respect to his income in mutual fund, investments etc derived in USA. He has never shown his investment held in USA in ITR – Schedule FA. So he is filing two returns in two countries, One in India and is showing only Indian income in that and one in US and is showing only US income there. He has substantial investment in mutual funds, Bank accounts over there, which he wants to bring back to India buy liquidating all his investments. What will be tax implications on such amount which he bring to India by liquidating all his USA Investment and how to minimize the same. Can he get the credit of TAX paid in USA while filing his return in India |
| Sec. 145(3) and assessment U/Sec. 143(3) of the Act. | |
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| Excerpt of query: | The appellant is an Association of Person engaged in the business as builder and developer. Search action was conducted in the case of Group of cases on in the Aug 2016. A Notice u/s 153A was issued and duly served upon the assessee requiring the asseeseee to file return of income including undisclosed income. The appellant e-filed the return of income for A.Y.2015-16 . The assessee was developing a single project and the developer claimed to be following completed contract method of accounting for the purpose of revenue recognition. During the course of hearing various details were called for and submitted by the assessee. In support of the method adopted by the assessee of not recognizing the revenue and income on the project , submitted that since the project is under construction and the possession was not handed over to the customer , the amount received from the customer is just an advance and cannot be construed as sale consideration .It was also submitted by the appellant that when substantial risk and reward was passed on , the appellant has recognized the revenue of the project in the A.Y.2016-17. However, the ld AO has not appreciated the contention of the appellant and held that the method of recognizing revenue followed by the assessee is not as per the provisions of section 145 of the Act and inconsistent with the method adopted in the immediate succeeding year.Therefore, the ld AO has rejected the books of accounts of the assessee by invoking the provisions of section 145(3) of the Act on the ground that the appellant has not followed the Guidance Note issued by ICAI for revenue recognition by following percentage completion method, without pointing out any error in the method of revenue recognition i.e. completed contract method followed by the assessee. Assessment is completed u/Sec. 143(3) r.w.s.153A for a.Y. 2015-16 by working out the profit as per percentage completion method and added the substantial amount . Issues. a: Whether AO can reject books of accounts by resorting to Sec. 145(3) and asked the assessee to change the method of recognizing revenue form Project completion to percentage completion . b. Whether assessment passed U/SEc. 143(3) r.w.s. 153A is legally correct or AO once he reject the books of accounts , Assessment order is to be passed U/Sec. 144. c: Whether action of the AO of invoking provisions of sec. 145(3) on the ground that the assessee had accepted the method of recognizing revenue on percentage completion method in the A.Y. 2016-17is legally justified . |
| Search and Sec, 148 | |
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| Excerpt of query: | Search is conducted in the month of March 2023 on Assessee XYZ, where in a diary is found which is cash book for from F.Y. 2011-12 to 2022-23. in the said diary noting about receipt and payment is shown in the name of ABC. On the basis of these noting, Notice U/Sec. 148 is issued in view of provisions of Clause (iv) of Explanation -2 of Sec. 148 for A. Y . 14-15, 16-17 and 2019-20 alleging escarpment of income more than Rs. 50 lakhs each year. ABC has no connection of what so ever nature with XYZ. How ABC should respond to the said Notice . pl guide |