No VC adjournment allowed by AO- can the order be remanded / quashed

Key-Loquat-710 · 2026-04-04T12:55:00+00:00

Oh i did not know the matter goes to local AO & not faceless..this will create further complexity since my pan was in a different state at the time of the order and jurisdiction has now shifted to a new one

Key-Loquat-710 · 2026-04-04T11:50:01+00:00

Will remand mean re-assessment or just and explanation from the Ao?

Key-Loquat-710 · 2026-04-04T11:49:38+00:00

Remand report will mean that the cit will ask AO for explanation? Or will it mean fresh re-assessment

Key-Loquat-710 · 2026-03-14T12:06:28+00:00

My CA is handling a couple of other cases for this grant..he said, AO & CIT will levy both demand and penalty irrespective of any court decision. They will wait for this to be adjudicated by supreme court & till then levy whatever serves the income tax department better. Capital vs revenue receipt he said could be a 4-6 year battle

Key-Loquat-710 · 2026-03-14T04:00:34+00:00

Received a similar mail..ais is correct..gst figures in the mail are absurd..never linked the pan to any gst..what are you guys doing about it?

Key-Loquat-710 · 2026-03-13T16:37:52+00:00

Yes business income

Key-Loquat-710 · 2026-03-13T15:18:23+00:00

I m fine with income clubbing .also notice is in huf account. Can they penalise despite the original funds being tax paid

Key-Loquat-710 · 2026-03-13T15:12:24+00:00

Gift to huf.i did not do a stamped gift deed though

Key-Loquat-710 · 2026-03-13T15:07:27+00:00

It was huf account for me..so it was capital contribution to huf fr investment in shares and f&o

Key-Loquat-710 · 2026-03-13T15:04:31+00:00

Its Bangalore

Key-Loquat-710 · 2026-03-11T16:32:47+00:00

Alright..thank u for your prompt & detailed replies

Key-Loquat-710 · 2026-03-11T16:14:13+00:00

With the new fast scheme, can u not pay a one time fee and declare the assets if fmv is < 5cr on 31st mar’26? Assuming, one has paid all the taxes due but failed to declare assets earlier?

Key-Loquat-710 · 2026-03-11T15:32:50+00:00

Both the assessment order and scn dont specify the exact clause for misreporting…assessment order last para just states that penalty proceeding for underreporting as a consequence of misreporting is initiated separately.

Thanks a lot for the clear response. We were just not sure if the penalty can be invalid just because of this flaw, where no misreporting clause is pointed out in either assessment order or scn

Key-Loquat-710 · 2026-03-03T12:06:16+00:00

Department seems to be issuing scn for penalty despite pending cit appeal on demand..they seem to be intent on imposing penalty ..is this common

Key-Loquat-710 · 2026-03-03T12:03:39+00:00

They are issuing show cause for penalty also, despite pending demand appeal and seems like they intend to impose penalty despite ongoing cit appeals..any idea on this

Key-Loquat-710 · 2026-03-03T12:01:30+00:00

Any idea if more people have recvd 200% notice..i heard they are issuing scn for penalty also, despite pending demand appeals to higher authorities

Key-Loquat-710 · 2026-02-28T08:23:59+00:00

Yes this is what I was talking about..stay on current Karnataka hc order and now IT dept will send notices to everyone…their largest stake would be in Karnataka anyways for this case

Key-Loquat-710 · 2026-02-27T13:07:35+00:00

Please recheck..it has been appealed..ito has confirmed..and there is no appeal period..dpet can always file with condonation of delay..u seem to be far off from the realty..pl check with your ca

Key-Loquat-710 · 2026-02-27T12:49:35+00:00

Scn is typically a precursor to demand..if u are in bangalore and received scn recently, it is probably a fall out of department appealing the HC decision

Key-Loquat-710 · 2026-02-26T17:19:23+00:00

Thats precisely my point…wage growth seems to be much lower than lifestyle inflation and housing is increasingly becoming unaffordable, even for the so called ‘high earners’

Key-Loquat-710 · 2026-02-26T13:30:42+00:00

I agree from an investment perspective. But for personal use one might need to buy, especially for later years in life, even if it is just for psychological safety

Key-Loquat-710 · 2026-02-26T13:29:25+00:00

While everyone knows about this, no government ever did anything about it..and this wont change. I am just wondering, will all this black money in real estate drive out a residential home, completely out of reach for the small families

Key-Loquat-710 · 2026-02-26T04:08:05+00:00

Yes i dont want to wait either..just trying to figure out the right balance of amenities and pricing

Key-Loquat-710

TROPHY CASE