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| Applicability of 36(1)(va) | |
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| Excerpt of query: | Whether remittance by employer of employees’ contribution towards professional tax falls within the ambit of section 36(1)(va)? |
| Can a LLP go for Demeger to a Pvt Indian/Foreign company or another LLP | |
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| Excerpt of query: | Can a LLP go for Demeger to a Pvt Indian/Foreign company or another LLP |
| Sale of rural agricultural land | |
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| Excerpt of query: | Rural agricultural land has been held as such since last 10 years and agriculture activity carried upon. During the previous year the said land was converted to NA and then immediately sold within 3 months. Whether the conversion or sale thereof will attract Income tax. Is the exemption for rural agricultural land still available post conversion to NA? if taxable, then Capital gains or business? )this is a one only transaction, the assessed is retired sr citizen. |
| Non availability of Form 5 | |
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| Excerpt of query: | What is the last date for passing order under form 5 for Direct Tax Vivad Se Vishvas Scheme. |
| Viwad Se Vishwas Form 5 | |
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| Excerpt of query: | Sir , We have already paid tax settlement amount demanded by IT under Vishwas Se Viwad Scheme. We withdraw the appeal in portal as well by uploading Form 1,2 & 3. But we were late in replying Form 4 payment details because of my father medical condition. But we have already paid tax settlement amount as demanded by IT within given time. It just that we failed to submit Form 4 on time for which we got few notices. Now we have submitted Form 4 and it show Awaiting Form 5 from CIT on portal. What can be possible outcome ? |
| Allowability of expenditure | |
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| Excerpt of query: | Assesee is LLp and engaged in the business of call center. For procuring business, assessee has paid Re. 5 lakh as commission after deduction TDs and claimed it as deduction as business expenditure. Assessee has given confirmation from the party along with PAN n paid the amount by account payee cheques. Ao issued summons U/sec 131 to the Act, to the party, mail ID is block. Ao has issued show cause to the assessee asking as to why this expenditure should not be disallow as party has not filed copy of IT return of the recipient . Whether action of AO is correct . |
| Addition made on the basis of Excel Sheet | |
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| Excerpt of query: | Search conducted from unknown party, excel sheet found and some data found in that excel sheet regarding my property. AO can make addition on that basis |
| SEC.16(4) AND 73 OF Gst Act | |
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| Excerpt of query: | Assessee is registered dealer under GST Act . Returns for the period august 2018 to March 2019 were filed late on 31.10.2019. The last date of filing for it was 20.10.2019 as per sec 16(4). Assessee has received Notice u/sec. 16(4) asking him to pay the input credit availed in belated returns and also showcase as to why penalty U/Sec. 73 should not be levied for this default. Assessee has given all information to his Tax consultant in time , however due to some reasons he could not filed the Returns in time. <span;>Is there any remedy to regularise the Returns where by input credit will be available and penalty will not be levied. Pl guide . |
| Impact of Slump Sale on the Purchaser | |
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| Excerpt of query: | 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 ? |
| DISCRIMINATION | |
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| Excerpt of query: | 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. |