Since the land in three villages belonging to the assessee fell ...

Assessee's Land Near Municipality Limits Escapes Wealth Tax Assessment; AO Concludes Non-Compliance with Filing Obligations.

May 10, 2013

Case Laws Wealth-tax AT

Since the land in three villages belonging to the assessee fell within the prescribed distance of the municipal limits and no wealth tax return had been filed by the assessee, the AO was justified in coming to the conclusion that wealth belonging to the assessee had escaped assessment. - AT

View Source

← Previous Next →

Since the land in three villages belonging to the assessee fell ...

Assessee's Land Near Municipality Limits Escapes Wealth Tax Assessment; AO Concludes Non-Compliance with Filing Obligations.

May 10, 2013

Case Laws Wealth-tax AT

You may also like:

Assessment of capital gains on sale of agricultural land or landed property - the assessee’s case clearly falls under clause (b)(ii) to provisions of section 2(14)(iii)...

The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

The lands being agricultural lands have been excluded from the wealth tax - AT

Nature of land sold - agricultural land - distance between two physical points on the surface of earth from local limits of the Municipality - Distance Measurement - The...

Capital gain - nature of land sold - capital asset v/s agricultural land - whether the agricultural land sold by the assessee or his HUF is a ‘capital asset’? - land...

Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

The High Court held that the Assessing Officer (AO) had specifically called for and considered information regarding unsecured loans during the original assessment...

Rectification u/s 254 - Sale of land - land in question were sold by the assessee in the capacity of power of attorney holder and AO has assessed the income in the hand...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Withdrawing the excess tax credit for advance tax and self-assessment tax - Rectification u/s 154 - The assessee has to furnish details of different payments of tax by...

The assessee claimed exemption from long-term capital gains tax on the sale of agricultural land situated beyond the prescribed distance from municipal limits. The...

The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not...

The Income Tax Appellate Tribunal (ITAT) held that the final assessment order passed by the Assessing Officer (AO) u/s 144C(4) read with Section 147 of the Income Tax...

Quick Updates: