Income Tax : Very often the tax payer realises that he omitted to claim certain deductions, only long after he had filed the return. The circum...
Income Tax : Time-barred unpaid dues - Unpaid dues of employees, whose recovery is time barred, cease to be employer's liability and have to be...
Income Tax : The assessee-company initially filed u/s 139(1), a return supported by regular accounts, and showing substantial book profit and ...
Time-barred unpaid dues – Unpaid dues of employees, whose recovery is time barred, cease to be employer’s liability and have to be added under section 41(1)
The assessee-company initially filed u/s 139(1), a return supported by regular accounts, and showing substantial book profit and offering MAT. However thereafter its accounts came to be inspected by the Registrar of Companies who gave certain directions to modify its Annual Accounts. On the basis of those directions the assessee revised its profit and loss account and balance sheet which resulted in its income being negative. The corrected accounts were placed before the shareholders for their approval. Note no.7 of the Notes attached and forming part of the accounts was approved by the shareholders in the annual general meeting. The assessee however filed the revised return based on the revised accounts, showing a book loss, beyond the time limit prescribed in section 139(5).
Very often the tax payer realises that he omitted to claim certain deductions, only long after he had filed the return. The circumstances would be such that the tax payer would not be even eligible to file a valid revised return.
