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Income Tax - The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30thSeptember and for others it is 31st July every year as have been prescribed u/s 139(1). This year it extended till 5th Augu...
Read MoreIncome Tax - Provisions of Section 139(5) do not apply strictly to a situation of filing of revised Returns of Income by amalgamating companies under an approved Scheme of Arrangements and Amalgamation Dalmia Power Limited and Another Vs. ACIT (Supreme Court); Civil Appeal Nos. 9496-99 of 2019 (Arising out of SLP (C) Nos. 19678-681 of 2019); 18/12/201...
Read MoreIncome Tax - Made mistake while filing your ITR? It is usual that sometimes we make mistakes while filing our Income tax return online, this might be a case of sufficing incorrect figures, taking unjust deductions, ignored interest incomes and other income sources etc. It is necessary that we take utmost care to avoid such probable mistakes. But [&hel...
Read MoreIncome Tax - Filing of Revise Return us 139 (5) – कई बार इनकम टैक्स रिटर्न को फाइल करते समय कुछ गलती हो जाती है, या कुछ Item Return में नहीं दिखाते, या कभी कोई Deduction क्लेम करना भ...
Read MoreIncome Tax - An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act i...
Read MoreIncome Tax - Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit...
Read MoreACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) - ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law? In present case, the assessee Company had filed the original return...
Read MoreSarvajit Bhatia Vs ITO (ITAT Delhi) - Where return was revised under section 139(5), therefore, the original return filed under section 139(1) would not survive and hence, the claim of loss not made in original return but claimed in revised return had to be allowed....
Read MoreDalmia Power Limited Vs ACIT (Supreme Court of India) - Dalmia Power Limited Vs ACIT (Supreme Court of India) When the companies merged and amalgamated into another, the amalgamating companies lost their separate identity and character, and ceased to exist upon the approval of the Schemes of Amalgamation. Every scheme of arrangement and amalgamation must...
Read MoreM/s. Dalmia Power Limited Vs ACIT (Madras High Court) - M/s. Dalmia Power Limited Vs ACIT (Madras High Court) a) The scheme of arrangement and amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescri...
Read MoreZeenath International Supplies Vs CIT (High Court Madras) - Zeenath International Supplies Vs CIT (High Court Madras) Sub-Section (9) of Section 139 of the Act is beneficial provision to the assessee, which provides them an opportunity to rectify the defects. Since the intention being that the assessment proceedings are an outcome of dialogue...
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ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) -
Sarvajit Bhatia Vs ITO (ITAT Delhi) -
Dalmia Power Limited Vs ACIT (Supreme Court of India) -
M/s. Dalmia Power Limited Vs ACIT (Madras High Court) -
Zeenath International Supplies Vs CIT (High Court Madras) -
