the assessee was partner in partnership firm which was engaged in ploting/land devloping. A property was purchased by firm due the owing power of attorney reported on the assessee pan by the registrar office. it was shown as stock in trade in firms bs for the year. there was 12 partner and pruchase consideration was or 1.20 cr a.y 14-15.
what will be better either to reply with the fact or take objection for being below 50lkh for each partner. how to proceed....
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148a reply and objection
Replies (9)
Reply with fact
@ Ajeet Singh ,
Are partners received 148A or partnership firm?
Are partners received 148A or partnership firm?
Partner
Were the partners filed ITR ?
148A issued only if return not filed.
Partners are regular filers, notice issued to partners
A section 148A(b) notice is a show cause notice and no challenge lies against that notice even if there are not adequate reasons mentioned in the notice. The correct approach is to file your response under Section 148A(c) and await the order under Section 148A(d). With the order under Section 148A(d), a Section 148 notice will be issued. You may then file a writ petition challenging the notice and order.
@ Rashmi ,
Will your answer change now ?
Will your answer change now ?
Then reply with the facts that assets belong to partnership firm and same is reported in firm returns.
PAN of assessee was used only because he is partner in the firm
PAN of assessee was used only because he is partner in the firm
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