Assesseee co  is developer and Builder. Search action U/sec. 132 has been conducted in the year 2022-23. During the course of search one pen drive was found with one of the employee, which contains the noting of cash transcation. On the basis of such noting and statement of few employees and one of the director,  where in they have accepted the noting are in respect of cash transcations carried out by assesseee and group co.   On the basis of such admission Mr. A received Notice from AO , asking the Mr.A as to why amount mentioned on the seized pen drive should not be treated as income escaped from assessemt and liable to be tax for A.Y. 2016- 17 with in 7 days as the said information is flagged as  VRU module as RMS guidd lines.   It is also stated that this letter be consider as Notice U/Sec. 148A(b) of the Act. Whether such action of AO of Mr. A is legally justified . What are options available with Mr. A. CONSULTNAT OF Mr. A ADVICED HIM TO DENY THE SAID TRASCATIONS AND ASKED FOR COPY OF ENTIRE STATEMENTS AND DOCUMENTS AND OPPORTUNITY OF CROSS EXAMINATION . WHETHER THIS ACTION IS CORREFT PL GUIDE    

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1 can it be claimed from IFHP ? 2. can pvt loan for home loan fall u/s 80C ?

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The trust registered u/s 12AA and 80G received unquoted shares as donation and sold the shares by market auction. the sale price was below net worth of shares. whether provisions of section 50CA will be applicable on the trust.

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Sir, My client is having long-term capital gains on the sale of shares(Listed). can I pay tax at 20% by taking the indexation benefit. Please clarify.

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As per provisions of Sec. 80IBA, the maximum value of the house to be constructed for being eligible for deduction under this section for projects approved after 1.09.2019 shall be restricted to Rs. 45 lakhs as per Stamp duty Rates. Satisfaction of condition for being eligible for claiming deduction U/s. 80IBA with respect to Stamp Duty Value up to Rs. 45 Lakhs is to be seen at what point of time i.e. only once at the time of project approval by competent Authority or whenever the unit is sold as the stamp duty value keeps on changing almost every year in certain areas.

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can AO call  any witness personally even if he  stays beyond 500 km ? If yes, what are conditions ?  

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GST rate on development charges or infrastructure charges collected by builder from customer. If its part of agreement value can it be at 1% or 5%

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Dear All, I have one query: The assessment Unit of The Income Tax Department has passed order U/s 147 read with section 144 for the A.Y. 2018-19. While making assessment U/s 144, the credit of Tax deducted at Source (TDS) has not been given by the assessment unit. As a result, there is increase in income tax demand to the tune of TDS and thus interest U/s 234a is charged on total tax liability. How to apply for rectification of such order? Only Rectification of intimation U/s 143(1) can be applied for through Income Tax Portal. Appeal to CIT Appeals and Revision under Section U/s 234 are available but is there any other option so that the credit of TDS is given and the order is rectified?  

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The Assessment Unit of the Income Tax Department has passed order U/s 147 r.w.s. 144 read with Section 144B in respect of Assessment Year 2018-19 and the credit of Tax deducted at source (TDS) on Salary Income has not been given. As a result, Tax Payable has increased to the tune of TDS and thereby Interest U/s 234 A is charged on the total tax liability. One can go for appeal to CIT(Appeals) or apply for Revision U/s 264 but is rectification of the aforesaid order possible U/s 154.  

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