Messages

Dear All,
Thanks for your valuable opinions.
I also agree with the opinion that notice u/s 143(2) and assessment u/s 144 both are invalid. One of my friend has also taken a view that "As return required to be filed u/s 148 will be deemed as required to be furnished u/s 139(1), hence AO can go for assessment u/s 144 of income tax act, 1961."

I have also the same doubt going in my mind and AO can take the plea of this also. I have searched a lot for any citation but i could not get a valid one. If any one can have a valid citation then please quote the same.

Dear All,
I would like to have suggetions and some citations on the following case:-

The AO issue notice u/s 148 for three years with in time. But the assessee didnot reply to the notice issued by AO. Then AO issued notice u/s 143(2) within time limit prescribed. Before Issuing notice u/s 143(2) AO neither gives us any show cause nor assessee submitted any return u/s 148. Whether notice u/s 143(2) is valid? Secondly, AO proceeded to assess the income u/s 144 whether AO can do so?

Dear Bhumin,

U can withdraw amount from Reserves by one or two methods:-
1) U can reduce your shareholding from less than 10 percent, then take advance from the company.

2) Secondly take loan from the present company and at the end of year declare divident in private company, but in this case loan taken by you will be added in individul income u/s 2(22)(e). This planning has limited scope and can be considered after taking care of your personal income also.

Thanks & Regards
CA Gaurav Goyal

Hi Jagannat
In normal circumstances of your case taxable capital gain of Rs. 15 lacs (approximately) after indexation in FY 2008-09.
For exemption u/s 54 we have the following options:-
      Amount of capital gain will be reinvested in new residential house with in two years or new house will be constructed in 3 years from date of sale of house.

     The amount will be invested in Capital Gain Account Scheme of notified bank as per notification of Income Tax upto due date of filling of return with department.

Now in your case,
U have booked a residential property worth Rs. 38 lacs. Whatever amount you have paid to contractor before the filling of return of FY 2008-09, can be claimed as deduction in return of FY 2008-09 itself. The payment made to contractor after filling of return of income of FY 2008-09 can not be claimed as exemption. The only way to claim exemption is to deposit the balance amount in capital gain account scheme as notified by the board. In your case u have deposited amount in FD account, Hence in my opinion exemption will not be available to you and tax liability will arise for FY 2008-09