Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: empanelment
 
 
From the Courts »
 District Central Co-op. Bank Ltd vs. UOI (Madhya Pradesh High Court)
 Bimal Kishore Paliwal vs. CWT (Supreme Court)
 Radico Nv Distilleries Maharashtra Ltd. Vs. Commissioner Of Income Tax (Central)-Iii, New Delhi & ORS.
  Vijay Vishin Meghani vs. DCIT (Bombay High Court)
  Dayawanti vs. CIT (Supreme Court)
  Claris Life Sciences Limited vs. DCIT (ITAT Ahmedabad) (Special Bench)
 Vijay Vishin Meghani vs. DCIT (Bombay High Court)
 CIT vs. Balbir Singh Maini (Supreme Court)
 Dayawanti vs. CIT (Supreme Court)
 Claris Life Sciences Limited vs. DCIT (ITAT Ahmedabad) (Special Bench)
 Pr CIT vs. Reliance Capital Asset Management Ltd (Bombay High Court)

ITAT can allow amends in I-T return if appeal filed within 4 years of its order
June, 05th 2008
The Supreme Court has ruled that the Income-Tax Appellate Tribunal is empowered to allow an assessee to rectify a mistake in his income-tax return within a stipulated time from its order. Overturning a Madras High Court order, the apex court said that under section 254 (2) of the Income-Tax Act, the tribunal is empowered to allow the rectification of tax return of the assessee at any time within four years from date of its order. The court pointed that the tribunal cannot reject an application if the application was moved within the stipulated time, but was pending before the tribunal for more than four years. The court allowed the appeal of an assessee, Sree Ayyannar Spinning & Weaving Mills, whose taxable income for the assessment year 1989-90, was in dispute.

On December 9, 1996, the tribunal had passed an order upholding the order of Commissioner Income-Tax (CIT) (Appeals) on computation of income under Section 115J of the I- T Act. The tribunal had dismissed the appeal of the assessee on the ground that the profit and loss account of the assessee did not reflect correct picture for the assessment year in question. On August 2, 2000, the assessee had moved an application for recall of the order. The tribunal on January 31, 2003, allowed the rectification application filed by the assessee against which the revenue department carried the matter in appeal to the high court.

Allowing the revenue departments plea, the high court had said that under section 254(2)of the I-T Act, the tribunal is not empowered to allow rectification beyond four years. And that the tribunal had no power to rectify the mistake after four years which is the time set out in Section 254(2) itself for passing an order of rectification either suo motu or an application filed either by the assessee or by the assessing officer, the high court had said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions