Assessee is a private limited company engaged in the business of construction. In the FY 2012-13, assessee company has issued 3,00,000 shares of Rs. 10/- each to various parties at a premium of Rs. 90/- per share and accordingly collected Rs. 30,00,000/- for share capital and Rs. 2,70,00,000/- on account of share premium. During the course of assessment proceedings, AO asked the details about issue of these shares to various companies at a premium and justify the genuineness of the transaction. The assessee company could not produce the evidence in support of the same. Therefore, the AO made the addition of Rs. 3,00,00,000/- in the hands of the company as unexplained cash credit. CIT(A) and Hon’ble ITAT also confirmed the said addition made by the AO. The assessee company filed an appeal before the Hon’ble High Court. Later on the assessee company has opted for Vivad se Vishwas Scheme and the PCIT has also issued Form 5. Since the assessee company has complied with all the conditions and paid the taxes due as per DTVSV Act. Issues:  Can assessee company now transfer the shares which were in the name of different people to the name of the main promotor shareholders of the company in their share holding ratio? Is there any further tax implication of this transaction and transfer of shares in the hands of the company as well as promotor share holder?

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Assessee is private limited Co. Assessee is having building as fixed asset and assessee Co is regularly claiming depreciation as per companies Act. However since the year of purchase of building in the FY 2014_15 assessee has not claimed depreciation on building as per sec. 32 of the Income Tax Act. In the financial year 2018-19 assessee Co sold the building and offer profit on same after considering index cost as LTCG, on the ground that since no depreciation has been claimed as per provisions of Income Tax Act.  AO as well as CIT has not appreciated the submission and therefore confirmed addition by rejecting claim of the assessee on the ground that once assessee has claimed depreciation on the asset even as per companies Act, the profit on sale will be STCG. Whether action of AO and CIT A is correct? Is there any decision which supports assessee’s stand?

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ASSESSMENT FOR A.Y.2014-15 WAS REOPENDED U/S 148 DUE TO AUDIT OBJECTION. FALLOWED BY REOPENING AO ON VERIFICATION OF ASSESSEE COMPANIES RECORDS SATIFYED REVENUE AUDIT WITH  NECESSARY DETAILS, FALLOWED BY THIS REVENUE AUDIT DROPPED REOPENING OF ASSESSMENT. AO UPLOADED DROPPING OF REOPENING ORDER ON NFAC PORTAL IN THE MEAN TINE NFAC ISSUED 142(1) NOTICE AND ULTIMATELY COMPLETED ASSESSMENT BY RAISING HUGE DEMAND WITHOUT TAKING COGNIZENCE AO’S ORDER OF AUDIT OBJECTION

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Opening WDV as on 1-4-2021 Of only Vehicles Block(consisting of Car A-WDV Rs. 1 Lakh and Car B-WDV Rs. 8 Lakhs) is Rs. 9 Lakhs. During the year 2021-22, Car B is stolen. Insurance claim of Rs. 12 Lakhs is received. One new Car C is purchased for Rs. 22 Lakhs during the year 2021-22.What will be the WDV for working out of Depreciation for the year 2021-22 under the circumstances. Also, how these transactions should be booked in Books of Accounts.

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hello, i just want to know if dairy farming income is below 2.5 lakh. is it taxable? thanks.

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Assessee is an individual and partner in partnership firm engaged in the business of advertising.  In the A.Y. 2008-09. Assessee received a amount of Rs. 1 cr against his right in the property,  which is liable for longterm capital gain. Assessee invested the amount of Rs. 1.25 cr for purchase of residential bungalow alongwith the land appertatnent their to by executing the Development Agreement and power of attorney  by paying full stamp duty and also taken the possession of the said property.  The assessee has not carried out any Development on said property and after holding for period of 42 months sold the said property as it is and offered the LTCL in A.Y. 2012-13, which is accepted U/sec. 143(1)(a) of the Act. The issue is which assessee has invested the said amount for purchase of house U/Sec.54F he has paid the entire consideration for purchase of bungalow and land appurtenant there to. However instead of executing the Purchase deed he has executed the Development Agreement. Assessee has not carried out any development activity on the said house property. AO has denied the claim only on the ground that since assessee has executed the development agreement, he not entitled for exemption U/SEc.54F. Even though department has accepted the LTCG on sale of same property after period of 3 years. The issue is it is an undisputed fact that the assesse has purchased the property which is residential property but because the assessee has executed Development agreement whether his claim can be denied

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The Assessee had not filed Return of Income for AY 2015-16 and missed out show cause notice u/s.148A(b) which gave time limit 22/04/2022. Notice u/s.148 is also received requiring the assessee to file return of income within 30 days.

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Assessee is an individual. during the course of search with his brother and his companies on Aug.2013 following documents were found . a. Cash deposit slip about deposit of cash 1050000/- by the said co. b. Gift deed for gift of shares in Pvt. limited co  by the assessee to his father. and other relatives were found. on the basis of these documents  Notice U/Sec.153C was issued in jan 2016 for A.Y. 2008-09 to 2013-14. while recording the satisfaction the AO has stated that from verification of seized documents it reveals that assessee has certain undisclosed income  for the A.Y. 2013-14. Verification of seized documents revels cash deposits and gifts given by assessee and assessee has not filed his return of Income for A.Y. 2013-14. Assessee submitted the following explanation: Documents sized do not indicate any cash deposits by the assessee , the documents relied up on by the AO for cash deposits is in facts of the belongs to CO. Gift deed of shares are notarised and accepted in the hands of co as valid transfer and they do not indicate that there is cash involvement of cash transaction. As regards to non filling of Return assessee submitted that since his return was below taxable limit he has not filed the the same and which is evident from the ROI filed in response to Notice U/Sec.153C the taxable income is at Rs.199920.10. There are no incriminating documents which has bearing on undisclosed income of the assessee. Accordingly it is submitted that the Notice issued U/SEc. 153C and assessment order passed by the AO is bad in law ,however the both the AO as well as CIT A has held that since the above documents are found during the search proceedings initiated U/sec.153C are valid with out assigning any valid reasons as to how these documents are incriminating? when the AO has not shown the single documents which was seized during the course of search with the companies about the cash transaction or cash deposits with Bank by the assessee, whether proceedings U/SEc. 153C is valid ? Is there any other defence which Assessee can take before the ITAT apart from validity of the assessment? pl . guide

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My form 5 under VSVS 2020 has already been issued by the department 4 months back granting me refund. The same has not been issued by the AO to us, even after 4 months of issuance of Form 5. Kindly update me with, what is the time limit for issuance of refund under VSVS 2020 & where we can file complaint against the AO? What is the process of filing a complaint against AO to PCIT for not issuing refund under VSVS 2020?

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Treatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax ActTreatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax Act

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