Maulin Shah
28 April 2014 at 13:25
With reference to above, I beg to send the following query for early reply.
“A” The Charitable Trust is minority trust and conducting educational institution since 15 years. Some of the educational institution are receiving grant from the govt. and some are self finance institution. The Trust is filing the I.T. Return since 7 to 8 years. The trust and their ancillary institutions are working by receiving grant from the govt. and by receiving loan or donation from agriculturists or private parties since 7 to 8 years. The return filed for nil income for the A.Y. 2011-12 In March 11 and assessed on 31-03-2014. The A.O. has made an addition of Rs.72,13,812/- u/s. 68 in spite of confirmation holding PAN in almost all cases were produced at the time of assessment along with copy of 7/12 (agriculture) & salary certificate. Most of the loan givers are old and having PAN and also there is a credit balance of the loan giver, i.e. The loan givers has also given loan to the trust in the previous years and also earlier years and the same persons have given the loan during the year of assessment in cash but repayment during the year is only by cheque. Some of the loan givers are agriculturist and some are salary persons and they have no any other source of income so the question of introducing unaccounted money does not arise
The Grant in the ancillary institutions were not regular and therefore the trust has received the loan and transfer to institutions as per need and loan repaid to trust no Sooner grant received by the ancillary institution and trust repaid to loan givers. There is no bad intention of the trust to receive loan in cash but it is only to run and conduct the ancillary institution well, If no grant received. The trust is not a profit making institution but in deficit since 7 to 8 years and no position to pay demand of Rs. 29,00,000/-. I have preferred an appeal to C.I.T against the order of A.O.
So you are requested to reply on the following points.
1. How to plead before C.I.T. appeals as this is a minority Institution (Charitable Trust) and as mentioned above cash received from loan givers only to run ancillary institution good and then repay after receiving grant.
2. How to get stay ? Whether possible to get stay during the pendency of appeal as per judgment of M.P. High Court.in the case of Maheshwari Agro Industries v/s Union of india & others(2012) 246 CTR 113 and as per instruction no 96 of CBDT (F.NO. 1/6 169, ITCC) 21/08/69.
Please reply and opine with case law if any immediately
Prabhash
27 April 2014 at 18:08
Hello,
I purchased a flat in blr in year 2011(reg. dt Feb' 2102). Cost approx. 33L. In my sale deed or agreement, builder had not mentioned anything about VAT/service tax.
Now, I have 2 questions
[1] Can Builder/developet ask me now for VAT or service tax?
[2] It is whose liability to pay VAT and service tax to govt.? me or builder?
Thx In advance
Prabhash
BHARDWAJ AD
26 April 2014 at 13:17
WHAT IS THE LEGAL PROCEDURE TO DO BUSINESS IN SALE OF WEIGHING SCALES,YET I HAVE NO FIRM
durgaprasad
26 April 2014 at 10:37
what is the tax consequence of short term capital gain on sale of share? and what is the rate of STT now?
ketan maniar
25 April 2014 at 22:19
Dear sir,
I am in a business of selling say x product, this x product is being manufactured by various companies. Some of these manufacturers use a particular excise code whereby it attract a lower rate of tax, whereas only one manufacturer classify under different excise rate which attract higher rate of vat tax.
Each trader charges differently for this x product.
Unknowning for 15 months , I charged lower rates, once I came to of the problem, I switched to higher rate to be on safer side.i am also loosing a lot of businesses.
Please advice what to do.Do we have a judicial verdict on such a situation.
SANGEETHA
25 April 2014 at 18:09
My friend is a Monthly return (Form I and Form 1) filing dealer. Whether he is required to file any annual return for the whole year.If yes what is the due date and which form should be used?
ritesh
25 April 2014 at 16:22
I had booked a flat in a project 3 1/2 years back. but possession still not recd. I have paid 8 out of 10 installment to the builder through CLP method. Now If I transfer it to some one, how capital gain will be calculated. It will be Long term or short term ? and if I can take the benefit of indexation on paid installments. Pl suggest any body.
Praful Mehta
25 April 2014 at 15:04
I heard about now proprietory business is also under provision of MAT. Kindly throw more light on the issue.
Dhanashekhar K V
25 April 2014 at 13:03
Dear Seniors,
Employees can claim IT exemption u/s 80DDB directly through payroll ?
or
Employee has to claim the 80DDB exemption at the time of filing his individual returns only ?
Please clarify the above doubt.
Regards,
Dhanashekhar
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Amount taxable or not
My father recently retired from his service.He got some fund in the form of retirement settlement.Now my father want to transfer some money to my mother account for example say Rs.4 to 5 lac.Now is this amount taxable in behalf of my mother whether my mother has to give tax for that.Kindly help on the matter.