An assessee had purchased a house property in 2005-06. The source for this was housing loan of Rs.20 lacs from bank and gift from his parents and in laws amounting to Rs.12 lacs. During scrutiny assessment, the assessee has submitted proof for the source. However the ITO is not convinced about the gift from relatives and has decided to disallow Rs.3 lacs on estimate basis. On this disallowance, tax amounts to Rs.1.3 lacs including interest.
Although the assessee has sufficient proof, he is ready to pay this amount to buy peace. If penalty is levied, he would rather prefer to appeal, since he is sure of winning the case.

Query: Is the assessing officer, after passing order with only tax and interest, in a position to levy penalty u/s 271? Whether imposing penalty in scrutiny assessment is compulsory or discretionary on the part of IT department?

An early reply is requested since the assessee has to pay tax within October end and he has to be advised whether to pay the tax and interest, or to prefer proceedings for appeal .

im appearing for my ipcc both groups in nov 2013... wat shd i do after tat for my articles... wen can i join and do i hv to register with icai for joining articles...

My IT Return for AY 2011-12 was efiled by one of my friend. Now I have to efile for AY 2012-13 and 2013-14. But the above friend is not traceable now and I do not know the required password for efiling. I had requested the Validation deptt. and CPC deptt.many times giving details of my PAN, DOB. Address etc. etc. But they are not issuing me new password and say that new password can only be issued to regd. email id, which I do not know. As such, what should I do now to get a new password ?

Is CMA training period exempted for students who had done CA articleship training?

hello, plz tell me the types of companies as per companies act 2013. , and in which section is it mentioned as per the new act, i am not able to find it anyewhere....plss reply as soon as possible
i need it for my presentation
my topic is "types of companies as per companies act 2013"...plz help fast!!!!!

sir,
I've sent my form t-3 and i also found my name in the practical training exemption list uploaded by the institute and i want to know whether i'll get any acknowledgement (hard copy or soft copy) for my exemption.
Because to produce those at the time of applying for final examination.

Is there any minimum interest rate for loans from relatives to be charged as per income tax act?

for 15 cb...
country name: vitenam
nature of payment: frieght charges
amount : 8700 usd
please guide me regarding applicability of dtta...and tds should be deducted or not on this foriegn remittance by indian co. while making payment to foreign co. of frieght charges..

how to write auditing exam in ipcc for exemption?

Minimum members and Maximum members limit
Minimum capital and Maximum capital limit


in case of
PVT LIMITED COMPANY ,
pUBLIC LIMITED COMPANY ,
LLP