Dear Sir,

A company with a share capital of Rs.2 Lakhs each share price is Rs.10 and Reserve of Rs.5 Crores was taken over by new director from the old director only by paying Rs.2 Lakhs i.e. face value of share. Now the question arises the book value of share is many time more than the amount paid by the new director who are two in number and paid Rs.1 Lakh each to the existing two director. As only face value of shares is paid, what is the position of book value minus paid up value in the hands of the buyer. Whether the buyer will have to pay tax on the difference. The case relates to assessment year 2016-17. Please give your views.

Thanking You,

Yours Sincerely,
CA S. K. Goyal

THE ASSESSEE HAD RECEIVED FORM 4 FOR DEPOSIT OF PAYMENT DUE. HOWEVER DUE TO FINANCIAL PROBLEMS PAYMENT COULD NOT BE DONE. WHTHER THE EXISTING APPEAL WILL BE REVIVED AUTOMATICALY OR ANY APPLICATION HAVE TO BE MOVED FOR REVIVAL OF APPEAL.

Sir,

We had filed appeal for which we opted for VSVS Scheme, Form 5 has been received and the Payments have been made in full. Appeal withdrawal has also been received. In the Order Penalty u/s 271 F was initiated for not filing the income. The same still remains valid or Section 6 r.w.r Section 5 of VSVS Rules/Act will be applicable? In the scheme no penalty if scheme is availed. Please clarify whether penalty is leviable.

Respected Sir/Ma’am,

as the assesse consultant done wrong calculation w.r.t deposition of taxes with additional 10% interest(paid after due date i.e. September 30, 2021) and the assesse has deposited wrong taxes and submitted form 4. The form 4 is now rejected. Is there any way out so that the assesse gets relief because there is not fault of assesse?

I went for VIVAD SE BISWAS SCHEME where will my Certificate no.5 will be sent, as i have not received as yet. where can i view it. Is their option to see this on IT portal.

There was a mistake in order u/s 143(3) passed by AO. Assessee filed an appeal on other grounds( before the CIT(A) and ITAT and subsequently OGE was passed by AO giving effect to the orders of CIT(A) & ITAT. Timelimit for filing rectification application passed. Can Assessee or AO file rectification petition against ITAT order for the purpose of rectifying mistake in order 143(3){for the matter not covered in appeals} if timelimit for filing rectification u/s 154 against ITAT order is not yet completed.

Partner had debit balance in partners capital account. He left the firm without paying overdrawn amount to the firm. Can partnership firm claim this as business loss or unrecoverable loan and write off the said amount in profit & loss account.

If a NRI sends remittance more than Rs.7 Lacs from his bank account maintained in India. Wether TCS of 5% will be applicable on him. Pleas Guide

Whether the assessment can be opened for the years in which assessee has opted under DTVSV Scheme in case of retrospective amendment of disallowance of education cess while computing Business income, wherein Education cess was not the covered matter under VSV.Whether due to amendment, assessment can be opened to disallow the claim of education cess.

challans have been fully paid still however Form 5 has not bee received what should we now do.

Notice of penalty is issued due to non submission of Form 5