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
From the Courts »
 Sneh Lata Sawhney, 6, Link Road, Jangpura extension, New Delhi. vs. DCIT, Central circle-7 New Delhi
 AT & T Global Network Services (India) Private Limited Mohan Dev House, Tolstoy Marg, New Delhi - 110001 vs. Additional Commissioner of Income Tax Special Range-1 New Delhi
 Mohd. Ismile H.No. 729, Sanjay Colony, Arthala, Ghaziabad, Uttar Prades. vs. ITO Ward 1(4) Ghaziabad.
 ACIT, Central Circle-22, New Delhi, Vs. M/sSatnam International P. Ltd., 201, Vipps Centre, 2, Community Complex, Masjid Moth, G.K. II, New Delhi
 American Express (I) P. Ltd., Metropolitan Saket, 7th floor, Office Block, District Centre, New Delhi. Vs. DCIT, Circle-2(2), New Delhi.
 Satish Kumar Gautam 302, Triveni Complex, E-10/12, Jawahar Park, Luxmi Nagar, Delhi. Vs. Income Tax Officer, Ward 3(3), Noida.
 The Income Tax Officer Ward 1 (1) New Delhi Vs. AASl (India) Properties In Infrastructure Private Limited 4 A/10, Old Rajinder Nagar New Delhi
 M/s Rita Plastics Pvt. Ltd., A-53, Vishal Enclave, New Delhi-110027 Vs. Income Tax officer, Ward 15(4), New Delhi.
 When is the last day to file income tax returns?
 Asstt. Commissioner of Income Tax, Central Circle -28, New Delhi. Vs. M/s Triveni Motors, C-691, New Friends Colony, New Dlhi.a
 Alfa Bhoj Limited, 4A, Pusa Road, New Delhi Vs. ACIT, Central Circle-3, New Delhia

ITAT can hear fresh claims of tax payers
June, 27th 2009

In an order that could provide great relief to many tax payers, who missed the opportunity to make proper claim before the tax authorities and consequently ended up paying additional taxes, an Income-Tax Appellate Tribunal (ITAT) held that it has the powers to hear fresh claims of the tax payers.

The ITAT order was on an appeal filed by Franco-Indian Pharmaceuticals, a Mumbai-based company. Tax authorities are not empowered to entertain a claim, while the assessment is on which is what a Supreme Court order in 2006 had stated. That related to the case, involving Goetze India, which the apex court had held that the assessing officer does not have the powers to entertain a claim made during the assessment, if the claim was not part of a revised return.

In the case of Franco-Indian Pharmaceuticals, the company had short-claimed bad debts of Rs 12.5 lakh, which it sought to correct by filing a letter during the course of the assessment.

The assessing officer rejected the claim of the company on the grounds that the claim was not presented in the form of a revised return. The revised returns are to be filed within a year.

The commissioner, Income-Tax (Appeal), followed the Supreme Court order relating to Goetze India and upheld the original order. However, Franco-Indian Pharmaceuticals, represented by counsel Jignesh R Shah, pointed out to the court that the Supreme Court decision in Goetze India was binding only to the assessing officers and not on ITAT.

He argued that the apex courts decision was on the powers of the assessing officer and not of ITAT, and therefore, the powers of the tribunal to entertain a claim as a fresh claim remain undiluted. He argued that if the assessing officer cannot allow the claim, ITAT has the power to admit and allow the claim, especially when all the facts were already on record.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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