Penalty u/s 271(1)(b) for alleged noncompliance of notices u/s 142(1) in assessment u/ s 147 r.w.144 and 144B

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Kolkata based HUF having one land in Delhi. One person gets it with Mutual consent and HUF is dissolved. Now can we register this deed in Kolkata and on basis of this will the sub registrar in Delhi accept the land ownership transfer since old karta can’t travel. If we need any court order do we approach Delhi or Kolkata court.

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Assessee was Purchasing kirana items in cash from local market to avail benefit of cash discount. He was supplying the same to retail kirana shopkeepers in remote places & was receiving payment in his SB A/c deposited in cash at respective places of purchasers. No books of A/c maintained. No purchase & sale bills are available. Saving bank statement clearly revels that – (i) Simultaneous deposits & withdrawals in bank A/c (ii)No capital expense. (iii) Increase in bank balance about Rs8000 (iv) Peak credit about Rs.500000. During FY 10-11 on the basis of AIR information that assessee has deposited more than 10 Lac in SB A/c notice u/s 148 was issued. The said notice was not responded by the assessee due to family & medical problems. Order u/s 144 was passed making an addition of Rs 3900000 u/s 68 being the total cash deposits in SB A/c. The assessee in appeal before CIT(A). Plea before CIT- (i)For applying reasonable NP rate on sales of RS390000 (ii)Alternatively restricts the addition to peak credit. Kindly advice with case laws.

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In the present case for AY 2016-17, notice u/s 148 dt. 31/3/21 received through email on 1/4/21. Reassessment order dt. 31/3/22 passed appeal filed before CIT (A) on 9/4/22. Again notice u/s 148A(b) issued on 2/6/22 (stated as issued, as per the direction of SC decision in the case of Ashish Agarwal) along with the information and material (12 pages missing/3 pages not legible) relied upon for such reopening. The above information  is received by the AO from the INSIGHT PORTAL, as flagged by the system as HIGH RISK CRIU/VRU. Now the AO has issued order u/s 148A(d) & notice u/s 148, both dated 30/7/22 to file ROI. However, income which deemed to have escaped assessment as per AO has already been added to the income of the assessee by the reassessment order dated 31/3/22 and appeal is pending before CIT (A) against the reassessment order. Queries 1 Is the notice dated 31/3/21, where reassessment is already completed and appeal is pending before CIT (A), covered under compliance of SC order? 2 Can AO pass order u/s 148A(d) without providing the missing pages and non legible pages? 3 How to respond to new notice u/s 148 dt. 30/7/22? (where income is already added (bogus LTCG) & reassessed vide order dt. 31/3/22 & appeal is pending before CIT (A)). 4 Is the information received by AO from the INSIGHT PORTAL, as flagged by the system as HIGH RISK CRIU/VRU can fall under “information”? 5 Limitation period u/s 149 will be applicable as per Finance Act, 2021 or Finance Act 2022? Also search operation was conducted at third party and report from DDIT (Inv.), Unit – 3(3), Delhi dt. 9/6/21. No incriminating document / material found against assessee during the course of search and survey operation at third party.

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For AY 2021-22 Gross Total Income (Per Tax Return filed) more than Rs 15,00,000 Deduction claimed under Chap. VIA  (80TTB + 80G)  Rs      60000 Old RATE auto applied by CPC  because of such claim. If new rate were to  applied, then the tax charged by CPC is far in excess. Is that justified/warranted ? For my viewpoint> https://www.linkedin.com/pulse/sec-80-ttb-act-surrounding-myth-venkataraman-swaminathan/ https://www.linkedin.com/posts/venkataraman-swaminathan-8a9b9575_share-tax-activity-6964086386643648513-rKJF/?utm_source=linkedin_share&utm_medium=member_desktop_web In short, in my quite arguable view/firm conviction, based on -COMMON SENSE, PRINCIPLES OF – EQUITY and GOOD CONSCIENCE , also based on PURPOSIVE INTERPRETATION  of the LAW, so long as the taxable income returned does not exceed the BREAK EVEN LEVEL (of chargeable income)#, despite deductions/exemptions claimed under Chapter VIA, the new tax regime should  apply !? # That is the top most income level, computed either with or without CHAPTER VIA deductions/ exemptions, on which tax chargeable either as per the  slab rates under the old tax regime or the new tax regime would work out to the same figure.

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Hello: I am representing myself in a civil case and have appealed a lower court’s decision to the NH Supreme Court. The reason that I am reaching out to you is to obtain a definition of a legal term as it would relate to my appeal. The NHSC has sent me concerning my case a terse legal term, That term is: “not argued”.  Please explain the significance of that term in the appeal process, Thank you. Sincerely, Lance Costello  

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X is a partner in a firm along with other partners. Firm has some assets, properties etc. X has a debit balance in the firm. He leaves the firm Without giving or taking anything. Any tax implications for firm or partner?? The status of debit balance in the firm ??

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There is a partnership firm having partners F (father), S1 (Elder son) and S2 (Younger son) carrying a hotel business. Each partner is having an equal ratio in firm (i.e. 1/3 each). On 01/04/2021 Partner S1 retired from the firm and his balance in capital A/c is transferred to Unsecured Loan A/c. Neither the  excess payment of cash is made nor any immovable property is transferred to retiring partner. Remaining partners (i.e. F and S2) are now sharing an equal ratio in the reconstituted Partnership Firm. Query: Whether the section 9B and 45(4) are applicable in the given case?

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There is one partnership Firm WITH 2 PARTNERS. One of the partners died in the month of March 2022. Sharing ration was 50:50. They had one Shop in the books of account and were claiming depreciation on it, WDV 31.3.2021 47,360/-. Shop Acquired in the year 2001- 02 COA – INR 334470 /-. Now the firm is selling the shop for INR 12,44,000/- (fair value). The asset is not yet transferred. There will be STCG to the firm as per sec. 50  INR 11,96,640 ( 12,44,000 – 47360 ) My query is : 1. To save on the capital gains tax we need to invest in Bonds as per 54 EC, now since the firm is deemed to be dissolved on the death of the partner, how can the investment be made now. 2. What will be the date of transfer of Asset? 3. The return of income of the firm is yet to be filed, do we need to take the effect of transfer in the return of income for AY 2022-23 or can we take a following view; Where one of the two partners of the firm dies, there is dissolution of the firm. But where the surviving the partner carries on the business with all the assets and liabilities as a going concern, there is no distribution within the meaning of the guidelines  given by the Supreme Court in Sakthi Trading Co. v. CIT [2001] 250 ITR 871 (SC). Therefore there is no liability for the Capital gains tax [CIT v. Moped and Machines [2006] 281 ITR 52 (MP)]

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Assessee is private limited co filed the Return of Income filed the Return of Income For 20-21 where in Education cess has been claimed as expenditure on the basis of decision of hon’ble BHC. Assessee co has received SCN as to why proposed variation should not be made on 8.08.2022. on following grounds 1.Education Cess is not an allowable expenditure/deduction u/s 40(a)(ii) of the Income Tax Act, 1961. 2) It has retrospective effect from 01.04.2005 i.e. A.Y. 2005-06. 3) Penalty u/s 270A is imposable on such claim for under reporting of income. 4.Hence, you are requested to show sufficient cause as why the amount of Rs.4,26,095/- would not be disallowed in your case as per provision of section 40(a)(ii) of Income Tax Act, 1961. 5. Further, you are also requested to show sufficient cause as to why penalty proceedings u/s 270A would not be initiated for under reporting of income for the reasons discussed above. is the action of AO is correct, if yes, how the compliance be made ? whether penalty U/Sec. 270A is applicable? pl guide .

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