The dispute of extra area work was finally setteled throu arbitration award pertaning to pre GST period , now. Some compensation and interest was awarded by Arbitrator. On this GST is payable or VAT/ Service Tax/ excise is payable under old regim. ? It seems that this amount received is not covered by section 142(2)(a) as price of good or services are not revised upward . But dispute of extra area work is now settled. If VAT /service tax/ Excise is payabe, how to pay same as Return of those period cannot be filed now On above Interst income tax is payable on 50% income as per section 57(iv) of Income tax act ?

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this is passed with approval of PCIT, is this final and free from from any other action ?

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Assessee is a partnership firm engaged in the business of manufacturing and job work of engineering goods. Search u/s 132 of the Act was carried out in the month of January,2018. While filing return of income in response to notice u/s 153A, assessee firm discloses additional income on account of unaccounted scrap sale. This scrap sale has been worked out by estimating burning loss at the rate of 20% and the assessee firm declared income as unaccounted scrap sale. Penalty proceedings u/s 271(1)(c) are initiated for concealing the inaccurate particulars of income in the assessment order. Notice u/s 274 r.w.s 271(1)(c), it is mentioned by the AO that, “It appears to me you have concealed the particulars of income.”  In the penalty order, it is mentioned that, “The assessee has committed default within the meaning of section 271(1)(c) of the Act, without any reasonable cause, and therefore levy penalty for concealment of income.”  Whether the levy of penalty is justified in law? Whether assessee can take a stand that there is no difference in the return filed in response to notice u/s 153A of the Act and assessed income? When the income is offered by estimating the burning loss in the manufacturing process and the penalty levied on such income is to be considered as penalty on estimated income ?      

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Background As on 01 April 2022, Company ‘B’ Private Ltd (‘Co. B’) is a wholly owned subsidiary of Company ‘A’ Ltd (‘Co. A’), which is a listed Company.  On sale of shares of Co. B by Co. A, owing to application of Section 79 of the Act what will be the fate of brought forward losses amounting to INR 100. Scenarios Co. B sell its entire shareholding in Co. A to a Listed Company Co. B sell its entire shareholding in Co. A to a private limited Company which is a wholly owned subsidiary of the listed Company Co. B sell its entire shareholding in Co. A to a private limited Company

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1] c0-legal heirs offered rent income as AOP  for years 2] can LTCG be later taxed in individual hands of legal heirs since buyer reuses to buy property from AOP?

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Many people having  below taxable income in ay 22-23 and 21-22 have not filed returns of ITAX. what is their remedy now  for getting refunds?

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Sir, The return was Originally Processed U/s 143(1). Time limit for revision has elapsed.  Assessee has filed his return in wrong Form i.e. in ITR 4 instead of ITR-3 and by mistake has not disclosed his information regarding his Directorships and Shareholdings in his private limited companies, moreover some TDS credit claims were not made in the return, though the Income was properly disclosed. Rectification could not be filed. My Question is:-  What remedy do the assessee has for claiming his TDS credits, which was not been claimed at all in his Original Return ?  Whether the assessee can file appeal for his own mistakes before the CIT(A) or what remedy do the assessee has ?

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The notice us 148 of I.T Act , aswellas , notice u/s 148A(b) of Income tax Act has been issued on 08.04.22 for the first time as the assessee has deposited more than 50 Lakhs in financial year 2014-15 .My Querry is that whether the notice issued is barred by limitation or well with in the time?

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Dear Experts, Company A (unlisted company), issues Rights to its existing shareholders in the ration of 5:1. One of the shareholder renounces the Rights in the favour of one of the employees of Company A (at Zero price). The face value of the shares is Rs. 10. The employee buys the shares at Rs. 10 from Company A on the due date. Would there be tax implication in the hands of the shareholder who renounced the shares and also in the hands of the employee who bought the shares. The fair market value of the shares is assumed to be Rs. 100.

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SIR In my case I applied for approval of a legal heir after six months they have not approved. now notice has been issued on son with non-pan who has only informed that my father has expired on dated ……..  . IS this proceeding correct when we have already applied as legal heirs in the mother’s hand? no proceeding is done on the mother

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