{"id":18823,"date":"2021-05-31T18:44:15","date_gmt":"2021-05-31T13:14:15","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=18823"},"modified":"2021-06-01T21:12:20","modified_gmt":"2021-06-01T15:42:20","slug":"application-of-section-68-on-the-opening-capital-assets-generated-after-payment-of-tax-in-earlier-years","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/application-of-section-68-on-the-opening-capital-assets-generated-after-payment-of-tax-in-earlier-years\/","title":{"rendered":"Application of section 68 on the opening capital assets generated after payment of tax in earlier years"},"content":{"rendered":"<p>The assessee has filed his return of income for A.Y.2018-19 showing total income from business both as proprietor and as partner in partnership firm like earlier year and shown the complete capital assets held in proprietorship firm and partnership alongwith immovable properties held in his name in ITR of the above assessment year. <\/p>\n<p>However, by mistake In ITR filed for A.Y.2017-18 by mistake the capital assets of proprietorship firm is only shown in particular of ITR instead of complete capital assets of all the firm while the income from all the sources truly and properly shown and assessed and nothing was concealed. <\/p>\n<p>National faceless assessment has assessed the difference in capital balance as on 31.3.2018 to capital balance as per iTR 31.3.2017 wrongly applied section 68 and taxed u\/s 115BBE ignoring the replies and submission. It is to inform you that all the assets were generated after payment of taxes from the return of income in past earlier years and assessee is regular assessed to tax from last 30 years. Appeal filed with CIT. Huge amount of demand any other Remedy and case law in favour of assessee.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[147,221,218],"class_list":["post-18823","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-cash-credits","qa_tag-discrepancy-in-capital-account","qa_tag-unexplained-cash-credit"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/18823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18823"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18823"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=18823"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=18823"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=18823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}