In the case abovementioned ITAT have held that there is no need to purchase residential property in own name by any assesseee for the purpose of claim of capital gain u/s 54F.
It was the case of the appellant that he acquired rights from the respondent in pursuant to the agreement dated 07.09.2006. Property (shop) in question were part of government grant hence does not require registration.
In a recent ruling Hon’ble Madras HC set aside the order after observing that Demand Order and other notices including DRC-01 were issued against the assessee who died before the passing of the order.
Assessment was completed at income of Rs.1,23,18,612/- against the returned income of Rs.3,76,740/- on account of unexplained cash deposited in the bank accounts amounting to Rs.1,19,41,872/-.
On appeal CIT (A) held that disallowance u/s 10AA can be made only when the total income is enhanced by the AO or TPO. Co-ordinate bench has already decided this issue for AY 2014-15 and disallowance u/s 10AA was deleted.
Assessee didnot file return for the year under consideration. As per AIMS module information received that assessee has deposited the amount of Rs.16,84,100/- as cash during the demonetization period. Case was reopened notice was issued accordingly.
Assessee is engaged in the business of Manufacturing and Trading of Mill Board Paper, Cone, S.S. Rolled Patta and commission agent. The assessee company filed return at income of Rs. 2,77,330/-.
The matter arises out of three “Advance Authorisation Licenses” which allow to import “Walnut Inshell of Chandler Variety” at nil rate of duty with the condition that the Petitioner would fulfil the export obligations.
Petitioner alleged that appeal order no. 3623 dated 21.10.2023 mentioned in intimation dated 30.11.2024 was never communicated to petitioner as mandate of Rule 121 in Odisha VAT.
Assessment proceedings against the petitioner were started and completed on 23.01.2018 and on the same day penalty proceedings were initiated. Appeal against the assessment order got dismissed on 14.11.2022.
