HC Quashes Assessment Order, Emphasizing Avoidance of Over-Analysis: Remands Case for Fresh Assessment

Bhatewara Associates Vs Income Tax Appellate Tribunal (Bombay High Court) In the case of Bhatewara Associates Vs. Income Tax Appellate Tribunal, the petitioner had entered into a joint venture agreement with Sanghvi Premise Private Limited but failed to file its return of income for Assessment Year (AY) 2011-12 in a timely manner. Consequently, an assessment order was passed on 14th March 2024, denying the petitioner a deduction under Section 80IB of the Income Tax Act, 1961 due to the belated filing of the return. The petitioner’s appeal against this decision was dismissed by the Commis...