MMR Cannot Be Applied Through Rectification as Issue Required Detailed Examination

Advertisement AKME Harmony Apartment Owners Welfare Association Vs ITO (ITAT Bangalore) Introduction In the recent times, CPC is processing Apartment Owners’ Welfare Associations (RWA) income tax returns as profit entity either due to erroneous validation or incorrect understanding of facts or incorrect disclosure of nature of entity by the assesses. The trend is increasing becoming higher in the last few years. One recurring issue has been the rate at which their taxable income should be assessed. Should an Apartment Owners’ Welfare Association registered under the Societies Re...