my son who is canadian PR holder has gifted a sum of Rs. 5 Lac in FY2020-21 to me. how can i show this in ITR & claim the exemption?

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Assessee is partnership firm engaged in the business of construction and development of housing project. Assessee firm has filed the Return of Income for AY 2018-19, 2019-20 and 2020-21. While filling the Return of Income as per advice of CA, added back the difference in stamp duty valuation and actual consideration u/sec 43CA of the Act.  While making this disallowance, assessee firm has added the difference even though the same is less than 10%. Since the disallowance was huge, assessee firm has uploaded the Return with out making payment of self assessment tax. All the returns are processed u/143(1A) of the Act and demands are raised. Whether assessee firm can file petition  u/sec. 264 of the Act for all the 3 years. ? Whether there is any other remedy ? Pl guide.  

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If assessee get redeveloped flat today against his old flat and same is sold after 2 years , the cost of acquisition would be stamp duty value as on today?

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MY CLIENT IS REGISTERED UNDER THE COMPOSITION SCHEME AND SELLING GOODS HAVING A TOTAL TURNOVER OF RS. 18 LAC IN THE CURRENT FINANCIAL YEAR AND PAYING TAX AT THE OF 1%. I HAVE PROVIDED SERVICES OF RS. 100000.00 WHAT RATE OF TAX WILL BE APPLICABLE AND UNDER SUCH SECTION AND NOTIFICATION PLEASE REPLY.

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Sir, Thanks for providing us the updated judgements. Whether these are now not updated, as after April’2021 we are not able to see any update in judgements. Please confirm & clarify

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When Mr A wants to sell a ownership flat received free by him on surrender of tenanted flat at the time of redevelopment  . What is its cost and what is period of holding ?  

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1.Penalty  of Rs.5,00,000 u/s 271(1)(c) was deleted by CIT appeal on the ground that penalty order passed by A.O. was passed after six months u/s 275(1)(a) . 2.The revenue is in appeal before ITAT on the ground that i) The penalty order was received late by CIT ii) The case is covered under exception to small tax effect circular of CBDT para 10(a) iii) Appeal admitted by the High court in quantum case is not relevant since withdrawal application has been filed by the assessee as per Vivad  se Vishwas scheme. 3. On behalf of the assessee it was submitted before ITAT i) no evidence by the revenue that the order was received late  by the CIT was submitted ii) Order of CIT appeal interpreting the provision of section 275 does not amount to interpretation of constitutional validity and therefore is not covered in para 10(a)  of CBDT circular. iii)Since substantial question of law in quantum case was framed by the high court application for withdrawal of appeal in view of Vivad se Vishwas scheme application does not alter the legal position on framing of substantial question of law that additions in quantum case are disputed. Case before the ITAT is fixed in next week . Your valuable guidance will be highly appreciated.

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Assessee has purchase flat from developer. During the course of search at the premises of developer one excel sheet was found in which data regarding name of person flat no, agreement value and cash consideration was mentioned. Accountant and developer accepted in the statement recorded that they have collected on money from flat purchasers. Developer went to settlement commission and also submitted about on money as source . Assessing Officer has issued notice u/sec. 153C for 6 years to assessee on this information. Assessee has filed the returns in response to notice U/sec. 153C of the Act and submitted that the paper relied up on by the AO is dump paper as it does not bear signature and no addition can be made on the basis of third party statement and asked for cross examination of the person’s whose statements he has relied up on . However AO is saying the acceptance by the developer is sufficient and no opportunity of cross examination is required and if assessee wants cross examination then first will record the statement of assessee and then opportunity of cross examination will be given. Whether the paper found and relied upon is dumb paper? Whether AO action of denying cross examination and contention of recording of statement of assessee is legally correct and justified Whether AO can make addition in the hands of assessee on the basis  of Excel sheet found during the search with developer and statement of developer and his accountant and submissions made by developer  before Settlment Commission . Please guide

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Section 145A(ii) requires  certain adjustments to be made in valuation of Purchase and Sale of Goods and Services and of Inventory for computing Taxable Business Income of a Assessee who is following Exclusive Method of Accounting. Query is:-Whether adjustment is  also to be made for GST paid on Purchase of  of Fixed Assets and Indirect Expenditure Incurred, when such GST has been debited to GST Account and not to Duties and Taxes Account(Expenditure Account).

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Please advise the form in appeal can be filed before ITAT against order passed under section 144C of Income Tax Act 1961

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