Messages

[before]

Under section 10(38) LT capital gains are exempted from taxation wef 1.10.2004 if Securities Transaction tax is paid. Does this exemption hold good for shares purchased before that date or only on shares purchased on or after 1.10.2004 ?

If the return is filed before/after the search and but before the issuance of notice u/s 158BC/158BDor under any other section if it is within the time allowed u/s 139(4) then it is a valid return and the contnets of the said return are valid. Even if it is rejected by the AO the person can win the case at least before the appellate authorities.
with regard to second question also, the answer furnished above holds good to some extent. The exceptional circumstance is that if a block return is filed before issuance of notice u/s 158BD/158BC before issuance of the said notices by the A.O. It had no recognisition as in normal circumstances, the assessee will not file block returns.  Therefore, the same will not be considered by AO and  nobody can help this type of cases. Law will not recognise such returns and it will be deemed no return is filed.

My question was if a NORMAL RETURN, though belated, is filed before service of notice u/s 158BD, what would be its status?

[before]

As per the section, the assessment is supposed to be completed under section 158BC>158BB.
Clause 158BB(ca) states that where the due date of return filing has expired but no return has been filed, the returned income would be considered as NIL
My queries
a) If return is filed before the date of search/survey but after the due date of filing has expired, what would be the position?
b) In case of an assessee whom notice has been served under section 158BD, what would be the position of the returns filed before serving the notice but after the date of search/survey, though due date of filing has expired?
According to my understanding, in case of section 158BD notice, the relevant date should be the date of serving the notice and not the date of original search/survey for considering returned income. Hence returns filed till the notice is served should be treated as filed returns even if the due date has expired.
Any case laws or learned opinion ?

[After filing the return on 2.8.08]

Well, if the amount was recd by 31.3.2008 how come it was not included in the return filed on 2.8.2008. Anyway, the only solution is to write to the AO asking him to include the income and give credit for TDS. Even if the time for making an assmt u/s 143 (3) has lapsed, the AO can issue a s. 148 notice and regularize the issue.

In fact I had made a mistake in dates. After filing the return on 2.8.08, the assessee received a payment , the cheque and  TDS certificate being dated 31.3.2008.

Can we consider the explanation to section 26 and give the total interest benefit to both husband and wife ?

As assessee consistently filing returns on cash basis files a belated return on 2nd August 2008 for a/y 2008-09. he receives a payment from a government department  and TDS certificate dated 31st March 2009. What options are available to him as he cannot file a revised return.

The clause states that where due date of return has expired and no return has been filed,returned income is considered as NIL. In case an assessee (158BD) files return after the date of search but before the date of notice issued under section 158BC read with section 158BD, My questions:
a) Does it imply that the return has to be filed at least before the date of the search ?
b) In case of a 158BD assessee, would the date of search be relevant or the date of notice issued u/s 158BC read with section 158BD be relevant?
c) Should the return have been filed only within the date ?

Husband aand wife have taken a joint loan for a new flat. A separate bank account is opened in joint name where funds are deposited by both not in any definite proportion. The instalments are debited to this account by standing instruction.
How should the benefit under section 80C for principal repayment and section 24 for interest be calculated for each

I had filed an appeal with the CIT(Appeals) 2 years back. No hearing has taken place as no one was posted.
No petition for stay of demand was submitted to the CIT(A) presuming the case would be disposed of early.However, petition to Assessing Officer was filed and rejected by him.
The Assessing Officer is putting pressure to liquidate the demand which is very high and is causing hardship to the assessee.
Any case law, remedy etc available ?