Assessee is AOP engaged in the business of construction and developing of housing project . Assessee is consistently following project completion method for recognizing revenue . In this method , the assessee is offering the Revenue when the possession  of the unit is givne to buyer after obtaining completion certificate. During the course of search action nothing incriminating documents have been found . The Assessing Officer during the course of search recorded the statement of member of AOp and asked details of the project and about advances received from unit purchasers. On the basis of the details question was asked as to why assesseee is not recognized the Revenueon percentage completion method  when substantial amounts have been received and project also substantially.  completed . The reply was given that assessee followed project completion method as given above , however AO has not appreciated the submissions of the assessee and computed the income on the basis of percentage completion method as per guidance note of ICAI. AO has also not appreciated the contention of assesee that it had offered the income in next financial year as per the method of accounting of project completion method as it amounts to double taxation . Whether the Action of the AO is justified in law , when no incriminating material is found during the search. Whether the AO can disregard Project completion method followed by assesee consistently with out pointing any defects in the same . Pl guide .

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the assessee has been served with notice u/s 148A to explain transaction of immovable property sale for AY 2018-19.  my queries are  whether his legal representative can objection to issue of notice u/s 148A similar to section 148 ? whether reply should be given on facts along with objection to issue of notice u/s 148A and ask not to issue notice u/s 148 ? How reply should be given – online reply by his  legal representative by adding himself as legal representative of his father or manual letter to jurisdictional AO? By all means, department will issue notice u/s 148 on legal representative as they have now information  of deceased person, after reply of notice u/s 148A is given. is any way out?

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I have not received the assessment order for AY 2020-21 till now(2.4.22). Is the date completion of assessment has been extended. Can you please share the relevant notification. Thanks

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Sold house involving LTCG – What are the must-to-d0 as the proceeds have been kept in parents’ Savings & FD Bank Accounts; What would be the index from 2009 (purchase-deed) to 2021 (sale deed) ? For purchase, part investment was from Sister, who has now been paid with compensation for those 12 years – Eligible Interest on such borrowed money was never claimed in any of the Assessment Years from FY 2009-10 till FY 2020-21;

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Assesee is pvt limited co engaged in the manufacturing of steel billets. Search action U/sec. 132 was conducted In the month of May 2021. Notice u/Sec. 148 dated 28.03.2021 for A.Y. 2017-18 on the basis of information of Sales tax department about purchases one party. Assessee could not upload the return on due to problem at site , also have evidence for that, as complaint also made. So ultimately on 1.03.2022, assesee has submitted return manually to consider the original return filed u/sec.139(1) as return in response to Notice u/Sec. 148. Then asked the reasons and took objections. AO passed the speaking order rejecting objection and issued show cause Notice on 23.03.2022 asking as to show cause as to why purchases from few other parties should not be disallowed and ask to submit reply by 28.03.2022. Purchases from these parties are almost 80% of total purchases. Assessee has submitted reply and also stated that time may be given and made reference to JCIT u/Sec. 144A explaining all facts and give direction for not using any material found in search as this year again will be covered in search proceedings and JCIT also gave the directions to AO on 30.03.2022 for not using search material in this assessment. However AO passed the assessment order disallowed purchases which are almost 80% of total purchases on following grounds 1. Assessee co has not responded to 148 in time and therefore proceedure as laid down in decision of GKN drive shaft could not be followed. 2. Summonce issued to parties were not responded and therefore these purchases are bogus ignoring the submissions given by the Assessee co 3. Directions of JCIT u/Sec. 144A have been complied as he has not made addition by using material found in search. whether AO action is justified ? when Notice u/Sec. 148 reference is only for one party about bogus purchases? when he has not rejected books and accepted total sales when few parties have responded to summonce which were issued at flag end of tine barring date pl guide.

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when is the last day for the assesing officer to pass order for the financial year 2019-2020 for scrutiny under section 143(3). what happens if no order is passed by the due date . is any extension given beyond 31-03-2022 due to covid

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Partner retires in March 2020, but his account is settled in April 2020 by cash payment* – Is s.45(4) triggered, which is effective from AY 2021-22? S.45(4) does not apply ► ‘Reconstitution’ is defined as where a person “ceases” to be a partner of firm – where such cessation took place before introduction of law, it is not ‘reconstitution’ ► S.45(4) only shifts timing of taxation to actual receipt – basis of taxation continues to be accrual – which, in the present case, happened in March 2020 ► Receipt as also its connection with reconstitution are twin requirements for satisfaction of charge, which is triggered only when both these events occur after April 2020 ► Very clear provisions (along the lines of Explanations 5 to 7 to s.9(1)(i) for indirect transfer) are needed to trigger charge in respect of past non-taxable events ► Analogy of s.46(2) cannot be applied as liquidation of a company is a continuing event while the retirement / reconstitution is a snapshot event ► While receipts pre-April 2020 would go untaxed, entirety of partner’s capital account balance may come up for deduction against receipts post April 2020, which may give rise to absurd results. S.9B does not apply ► Retirement in March 2020 could not have resulted into creation of a debt against firm – legally, a partner can never be creditor of the firm; he is creditor of other partners ► In absence of saving clause for past reconstitution, lacuna in legislation cannot justify the trigger of charge ► View of application may result in s.9B being applied even to dissolution pre 1 April 1987 (which was tax neutral) and create double whammy in absence of cost step-up to partner u/s. 49(1)(iii)(b). Since Sec. 9B and 45(4) apply to receipts by partner from firm on or after 1.04.2020, in connection with dissolution or reconstitution of firm. Therefore, question arises as to whether these sections applies to such receipts in connection with dissolution or re-constitution which took place prior to 01.04.2020? The literal interpretation suggests that the date of receipt being critical, the date of dissolution/re-constitution is immaterial as long as the receipt is in connection with dissolution / reconstitution. One possible counter to this interpretation is that the erstwhile section 45(4) dealt with distribution of capital asset on dissolution or otherwise of the firm and it held the field till 31.03.2020. Section 9B of the Act delas with receipt in connection with re-constitution or dissolution while substituted section 45(4) delas with receipt in connection with re-constitution. On the basis of this reasoning, is it possible to interpret that new provisions are applicable only when both the dissolution / reconstitution and receipt have taken place after 01.04.2021. One more reasoning which supports this contention / interpretation is that once the dissolution / re-constitution has taken place prior to 01.04.2021, respective rights arising from such dissolution/ re-constitution crystalized on the date of such dissolution/ reconstitution. Any receipt thereafter, is only in relation to such rights which crystalised before the effective date of the new provisions. Is this interpretation is correct in support of the dissolution deed/reconstitution deed executed prior to March, 2021 ? Please Guide

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A notice under section 148A has been issued on the assessee for re-assessment of AY 2018-19. Since the assessee was already assessed for AY 2018-19 in an earlier assessment. Can the assessee do the following on receipt of notice under section 148A: (1) Ask the AO for providing the ‘reasons to believe,’ considering that under the new regime notice under section 148 is issued on the basis of the ‘information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment’? (2) Can the assessee object to the reasons to believe furnished by the AO on the grounds of ‘change in opinion,’ considering the assessee for AY 2018-19 has already been assessed? (3) whether the contention of ‘change of opinion’ (based on earlier judicial precedents) is still valid under the new regime? Thanks in advance!

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Tds deducted from bills raised on HAM Project .Bills debited to w i p account shown in assets side .No sales or revenue receipt is there .Huge amount of tds deducted .whether the Sade tds is required to carry forward to next year till we receive annuity or can be claimed as refund on current assessment year? Or whether assesee can offer the income to the extent of TDS and claim the TDS every year.pl guide .

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The Honable Courts of various States has quashed the Notice issued under Section 148 after the 31.03.2021. My question is once notice issued and quashed by the Honable Court (irrespective of income involved), can Income Tax Authorities issued the Notice under 148a on same issue after 31.03.2022. If so does it voilate the Fundament Right 20 which protect against the double jeapardi

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