Dear Experts,

A mine owned by an assessee was taken up by a third party for the purpose of mining. Since the mine was allotted by the government to the assesse, he cannot transfer his rights to a third party as per the agreement with the Government. Hence he joined the third party as a Director and against his rights to the mine, he was paid Rs 75 Lakhs as Goodwill ,which he invested in bonds.

The ITO has not recognised this transaction and they claim that RS 75 lakhs is the salary paid by the third party to the assesse since he is now a director of the Organisation and the amount is taxable.

In my view this transaction is covered u/s 54EA and is not taxable.

Please share your opinions and site case laws,if any.

Regards,

Sukanya

Sir, one of my client is a regular assessee since 2005. Till now, he has paid tax by mentioning his PAN. Now, for the year 2010-11, when he approached the bank for payment of tax, it is noted that his name does not appear for the PAN quoted in the Challan. Some other name is displayed. On taking the matter to the ITO, he advised to apply for a fresh PAN. It may be noted that the assessee is a director in a pvt ltd coy and his digital signature and din is linked with the present PAN,

Kindly, advise what to do.

In ITR 4S form presumptive income where are the details for Section 44AF to be filled?
there is no option provided for section 44AF?

What to fill up against the lines:

Aggregate Income Tax Liability (As Computed, see the table below) :

Total Tax Credit Allowed (As Computed, see the table below) :

The table given below is only till AY 2010-11

If a company Dr. say Rs. 220000 (Including service tax) for some exp. on monthly basis and deducting and depositing TDS thereon on monthly basis but dosen't paying service tax element therein of Rs.20000 monthly and just crediting it to party account.
Then such service tax element for whole year of Rs.240000 (20000*12) will be allowed or disallowed u/s 43B ???

Cost of improvement, too, is taken in the consideration in order to arrive at the long term capital gain in case of immoveable property. How does one prove the expenses incurred in the immoveable property to avail the benefits? What if there are no bills related to these expenses incurred? What if there are many dates/years in which improvements/enhancements were made to the immoveable property? How does one calculate that?

My client has transfer the urban agriculture Land to government of maharashtra through its errigation department but ITO is given notice U/s148 of the income tax act 1961 and ask to pay the capital gain tax on this transaction.

I filed income tax returns for the Assessment year 2010-11. After that I have received intimation U/s 143(1) of the Income Tax Act,1961 which is showing a demand of Income Tax.
I filed revised income tax returns for the Assessment year 2010-11. In revised return i have to get tax refund.
In this regard I contacted twice CPC on 18004252229. First time they told me that my file is now with local ITO. Almost from last one month regularly am going to ITO office. I submitted request application to them. Officials from my ward told me that my file is not initiating with them.
They told me to contact with CPC, Bangalore and CPC can only resolve my case.
When i again contact CPC call centre they told that they cannot help me in this issue as they already transfer my case to local ITO and they told me to contact local office only. Can i know what i have to do further to get refunds.

1)My client is procuring finance from market and transferring the same to the Ltd. Co. in which he's Director & to Firm in which he's Partner.
The AO is holding that assesee is doing business of Financing & hence the Interest receipt is assessable under the Head Business Income.
However, my perception is,
a)My client is just providing finance & making an Investment in a Co. belonging to his family members & in which he's a Director (since the Co. is engaged in Construction Business thereby get loans @ a costly rate plus involving other complicatons too). Thus this activity should not be regarded as a Business Activity.
.
2)My Client is charging Interest just to the extent payable to the lenders. NO PROFIT element is there in the Interest amount & even NO MOTIVE to earn profit through the activity.
.
3)Further he doesn't hold any Money Lending License nor has advanced money outside.
.
The AO is also helding that since Interest Paid or received exceeded 40Lakhs, the assessee should have deducted TDS.
However, my assessee (being an Individual, TDS provision not appliable), had no tax audit either for Asstt.Year 2005-06 or 2006-07, & also the Business Receipt during the concerned year i.e. 2007-08 doesnot exceed 40Lakhs.
.
In my opinion,the under mentioned Cases are supportive to my assessee:
* J.K.Holdings vs ITO(2001)70 TTJ (Mum.)649
* Belagode Traders vs. ITO(1996)54 TTJ (Bang.)449
* Ghanshyamdas Gangadhar vs. CIT(1954)25 ITR 318 (Pat.)
.
Please provide me your opinions on the above instant as early as possible.
Thank You.

I have been framed in a false case of cheque bouncing and case is going on in court.

The complainant has claimed that:

She claims to have given me a loan of Rs 28 LAkhs in CASH in the following manner-

1. In July 2006 - She gave me Rs 14 Lakhs(one time) in cash, on which she earned an interest of 3% per month. i.e she received
Rs 5 Lakhs in one year..again in cash.

2. In Aug 2007 Next year she sold off all her jewellery and gave me another Rs 14 Lakhs in CASH on which she earned an interest of 3% for 3 more months
i.e.(Rs 5L+2.52 Lakhs=7.52 Lakhs)

3. In this manner they say they have given me Rs 28 Lakhs

4. From what I know - they have filed income tax for only 2003-2004 and 2004-2005 for Rs.82000 and Rs. 125000 only respectively.

5. Since 2005-2006 till date they have not files IT-Returns at all.


They do not have any source of income to my knowledge.

My question is:

What will the income-tax and arrears & penalty they will have to pay if they have not paid the same:
That is I-Tax on Rs 28 Lakhs since 2006 with arrears and penalty??


They have committed a forgery and fraud against me.
How can I prove that in court?

Can I file for RTI of their Returns??

What is the procedure and how much
effective is it?