CBDT ALLOWS ONE TIME RELAXATION FOR VERIFICATION OF ITR

CBDT Circular dated on 13th July, 2020: CBTD allows to verify previous ITR one time relaxation for verification for the FY 2014-15 TO FY 2018-19  by September 2020

The tax return filer effectively makes a declaration by reviewing the tax return that the information contained in the return are correct.

Normally, the tax return must be checked within 120 days of the filing of the income tax return or any extended date announced by the tax department.

The procedure for filing income tax returns is not complete until the tax return is checked. The return will not be processed by the tax department until, and until confirmed. If not confirmed, the return is invalid.

1) By circular no. 3/2020 of 13 July 2020, CBDT offered one more-time opportunity for taxpayers whose income tax returns had been filed electronically but were awaiting verification.

2) Now any taxpayer whose ITR is pending for verification can verify their ITR by 30 September 2020 or before that date.

3) It is possible to check ITR for the duration 2014-15 to FY 2018-19 via this one-time relaxation scheme

4) All these checked ITRs are to be issued by 31 December 2020 or before.

5) ITRs may be checked by EVC or by a properly signed hard copy being sent to CPC Bangalore.

Note: if any lawsuits against taxpayers have been launched in view of the fact that the taxpayer has not filed a report for that year then the value of relaxation can not be used

Benefits:-

  • In the event of failure to acknowledge return, AO may initiate proceeding u / s 144 as such returns filed are deemed invalid.
  • The carry forward of loss can get permitted ThanksRajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Govt has extended numerous time limits under Direct Tax & Benami Act

Govt has extended numerous time limits under The Direct Tax & Benami Acts.

In consideration of the difficulties faced by taxpayers in fulfilling the legislative and regulatory enforcement requirements across sectors as a result of the outbreak of Novel Corona Virus (COVID-19), on 31 March 2020 the Government adopted the Taxation and Other Laws (Relaxation of Some Provisions) Ordinance, 2020 [the Ordinance], which expanded different time limits, among other items.

In order to provide some relief to taxpayers for creating multiple compliances, on June 24, 2020, the Government issued a Notification, the main features of which are as continues to follow:

the Government issued a Notification, are as follows:  Link

For the period from 14 May 2020 to 31 March 2021, the Finance Minister has already released a decreased TDS rate for specified non-salaried payments to residents and specified TCS rates by 25 percent. The press release dated 13th May 2020, also followed the announcement. In this regard, the appropriate legislative amendments shall be moved in due time.

Thanks

Rajput Jain & Associates

www.carajput.com

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16,2016

CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16,2016Untitled213

DIRECT TAX

  • Income Tax: Disallowance of Privilege fee paid u/s 40(a)(ii) or (iib) – sharing of revenue with the state – The privilege fee payable by the petitioner to the State Government would be taxable with effect from 1.4.2014 and not prior thereto – HC
  • Income Tax: Adoption of Profit Level Indicator (PLI) of OP/TC to determine ALP – , in the absence of identification or segregation of capital employed with regard to AE’s transaction and those with others, the RoCE method would not indicate the appropriate margin for determining the ALP. – HC
  • Income Tax: Disallowance of interest u/s 36(1)(iii) – it can be said that amount invested in the subsidiaries company was arising out of commercial expediency and was thus for the purpose of business of the assessee.
  • Income Tax: Sale of factory land at Guindy, Chennai – Capital Gain OR business profit – without bringing any material on record merely based on some remote circumstances, an inference cannot be drawn that the Assessees indulged in an adventure in the nature of business or trade.
  • Income Tax: Penalty u/s 271(1)(c ) – after taking into consideration the human conduct and preponderance of probability clearly indicate that the assessee became a willing party to nefarious black money racket for obtaining bogus gifts. Such acts cannot be taken lightly as they lead to scourge of black money in the country.

INDIRECT TAX

  • Service Tax: Cenvat Credit – input service – Outdoor catering services – a notification issued in Notification No.3/2011 dated 1.3.2011 excluding the outdoor catering services came into effect on 1.4.2011 but here the period relates to a period prior to 1.4.2011. – credit allowed – HC
  • Central Excise: Reversal of CENVAT credit – whether the appellant while clearing the imported inputs which were found to be defective and unusable and later re-exported from their premises, is required to pay an amount equal to the credit availed on such inputs as per Rule 3(5) of the Cenvat Credit Rules, 2004 – Held No
  • Central Excise: Claim of exemption on Air conditioning unit, condensing unit, chillers, walk in cold rooms – the institution is not engaged in commercial activity and the goods are required for research purposes – respondent has complied with the Notification 10/97 dated 01.03.1997 – benefit of exemption allowed
  • Central Excise: New case cannot be made out after issuance of show cause notice and after passing the adjudication order. Both the lower authority have wrongly denied the Cenvat credit on the Capital goods.
  • Customs: Clim of refund – Excess payment of CVD at the time of import – there was indeed no assessment order as such passed by the customs authorities – The order of the Assistant Commissioner (Refund) rejecting the refund claim of the Petitioner on the ground of maintainability was, for the aforementioned reasons, plainly erroneous.
  • Customs: Import of goods – Change in standards under the FSS Act – The legitimate expectation of the importer would always subject to the policy change of the State. If the law is changed as on the date of release, the importer is bound by the law on the date of release. – HC
  • Customs: Release of property – seizure of gold and Indian currency – violation of provision of Customs Act. – the petitioner has to establish his ownership over the property before the Adjudicating Authority. Whether the adjudication proceedings are initiated legally or not, is not a question at the time of invoking the power under Section 110A of the Customs Act but what is contemplated under Section 110A is that the said person making the claim should be the owner of the goods to be released – HC

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact : info@carajput.com or call at 9555555480 Continue reading

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016

CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016

Untitled22A

  1. Addition u/s 68 cannot be made solely on the ground of non-production of payer’s bank statement [Shri Ashutosh Garg vs. ACIT (ITAT Delhi), IT Appeal No.-5642/2012, A.Y 2003-04].
  2. SEBI looking to lower expense charges for mutual funds.
  3. Extension of last date of filing of online return in Form 9 for the year 2014-15, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 to 29/2/2016[Circular No.34 of 2015-16].
  4. Defunct company to pay back wages [Narendra & Co vs Workmen- Supreme Court].
  5. Interest on loans not allowable if loan utilized to finance sister concern with no direct or indirect benefit to assessee [Late Sh. Jagat Singh vs. ITO (ITAT Chandigarh), IT Appeal No.-327/2012, A.Y 2007-08].
  6. Assessee borrower not liable to prove the source of funds in the hands of lender [Sh. Dushiant Kumar vs. ITO (ITAT Amritsar Bench), ITA No.-468/2014, A.Y 2010-11].
  7. Whether the interest earned by way of temporary investment of surplus funds inextricably linked with the setting up of a power plant, prior to commencement of business, is revenue receipt and is taxable as “Income from other sources”?

Held_No

The Assessee Company was in the process of setting up a power project for which additional share capital was raised from share holders. The amount was invested in FDRs for a temporary period till the orders for machineries were placed wherefrom various payments were made to the vendors. The Ld. AO treated the interest earned on FDRs as revenue receipt and assessed the same as income from other sources.

The Hon’ble High court relying on the judgement of Indian Oil Panipat Power Consortium Limited 315 ITR 255 (Delhi High Court) held that interest income was earned in a period prior to commencement of business and the money invested in the fixed deposit was inextricably linked with the setting up of the power plant hence it is in the nature of capital receipt liable to be set off against pre-operative expenses. The appeal was dismissed. Pr. CIT Vs. Facor Power Ltd., I.T.A. No. 1011/2015, Date of Judgement: 07.01.2016, High Court of Delhi

  1. Whether hon’ble High Court has the jurisdiction to consider certain undisputed additional facts, already on record, not considered by hon’ble ITAT during appellate proceedings?

Held_Yes

In the given case, the Ld. AO during the assessment proceedings recorded some undisputed facts on the basis of which the Ld. AO disallowed the claims of the assessee. The same was upheld by the Ld. CIT (A). However, the Hon’ble ITAT allowed the claim of assessee considering the order passed by them in assessee’s own case in previous assessment year where similar facts were in question. The Hon’ble High Court disallowed the claim of assessee, after considering the facts brought on record during the assessment proceedings, which are independent of the facts considered by the hon’ble ITAT.

The Hon’ble Supreme Court upheld the order of High court stating that the Tribunal is the final fact finding authority and it is beyond the power of the High Court, in the exercise of its reference jurisdiction, to reconsider such findings on a reappraisal of the evidence and materials on record unless a specific question with regard to an issue of fact being opposed to the weight of the materials on record is raised in the reference before the High Court.  The appeal was dismissed. M/s. Ganapathy & Co. Vs. CIT, Civil Appeal No. 1964 of 2008, Date of Pronouncement: 18.01.2016, Supreme Court of India

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 9555555480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

GOVERNMENT TO UNVEIL NEW I-T TOOL TO CHECK PAN TRANSACTIONS HISTORY

GOVERNMENT TO UNVEIL NEW I-T TOOL TO CHECK PAN TRANSACTIONS HISTORY 

Untitled260Government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail.

The digital and smart platform is called the Income Tax Business Application-Permanent Account Number (ITBA- PAN) and is currently being put to final tests by a special team of tax sleuths and business software analysts at a facility in the national capital.

The new software tool will enable the taxman to view, in a chronological order, the entire “PAN life cycle summary” or to simply say transactions history of an individual or entity where a PAN number has been quoted, in any part of the country.

The project is expected to be activated by the end of this month by the Finance Ministry and will also enable the tax department and its two intermediary organisations–NSDL and UTIITSL– to allocate a fresh PAN number and subsequently issue a new card in 48 hours flat as compared to the about 15 days time taken currently.

The operationalisation of the project assumes significance as Finance Minister Arun Jaitley had recently said that the government is at an “advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken.”

The department, in order to enhance its capabilities to better track large value transactions in the country, has brought the ITBA-PAN portal and has for the same has also closed down its “legacy” and the existing Assessee Information System (AIS) early this month which till now used to hold the PAN database.

The new platform, according to an official proposal accessed by PTI, will also allow the taxman to view and capture various events of an assessee like “death, liquidation, dissolution, de-merger, merger, acquisition, fake PAN or amalgamation of PAN” in a specific or general case in an event of any investigation to be carried out in a case of black money or tax evasion.

“The ambitious project will be rolled out soon and the I-T department has already migrated all the PAN data last week from the old system to the new one. With this project going operational, PAN will become a unique identifying database in the real sense all across the country,” a senior official said today.

The new tool will also allow the taxman to remotely identify duplicate or fake PANs in its system which has been troubling the tax investigators for a long time and was used by criminals to perpetrate black money operations within and outside the country.

The ITBA-PAN software will also allow a PAN holder to request for deletion or de-activation of his or her PAN and it will send an electronic and digitally signed “intimation letter” in this regard to the concerned assessee.

The soon-to-be launched platform will also allow an entity to activate a wrongly deleted or de-activated PAN number.

In order to provide better services to taxpayers, the platform will allow for a smooth computer-based transfer of an individual’s PAN number in case they are transferred or re-located from one place to the other.

PAN is a ten-digit alphanumeric number issued in form of a laminated card by the Income Tax department.

It is also a national identification number of the taxpayer which has to be mandatorily quoted on the return of income and in all correspondences with the department.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 9555555480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

SUMMARY ABOUT INCOME-TAX ASSESSMENTS PROCEDURES, APPEALS AND REVISION

SUMMARY ABOUT INCOME-TAX ASSESSMENTS PROCEDURES, APPEALS AND REVISION

Untitled17A

  1. TIME FOR FILING RETURN OF INCOME [SEC. 139 (1)] Different Situations Due Date for filing Return 1. Where the assessee is a company i. Required to file a Transfer Pricing report under section 92E ii. In any other case 30th November 30th September 2. Where the assessee is person other than a company – i. In case where accounts of the assessee are required 30th September to be audited under any law ii. Where the assessee is “working partner” in a firm whose accounts are required to be audited under any law iii. In any other case 30th September 31st July
  1. FILING OF RETURNS – STEPS  Compute income for each Source of Income  Aggregate the income from various sources under the respective Heads of Income  Arrive at the Gross Total Income Claim the Deductions available  Arrive at the Total Income
  1. FILING OF RETURNS – STEPS  Compute  Reduce  Add the Tax payable on the Total Income the Rebates, if any from the tax payable Surcharge as applicable to the tax  Add the Education Cess to the figure of tax plus surcharge  Arrive at the Gross Tax Liability
  1. FILING OF RETURNS – STEPS  From the Gross Tax payable, reduce the TDS  Arrive at the Net Tax Payable or the Refund due as the case may be  If the net tax payable is equal to or more than Rs. 10,000 then Advance Tax is payable  Advance tax is payable in 3 installments (4 in case of companies) during the previous year itself.
  1. FILING OF RETURNS – STEPS  If there is a shortfall in payment of advance tax then calculate Interest u/s. 234B and/or 234C  If the return is filed late then calculate Interest u/s. 234A  From the net tax payable, reduce the Advance Tax  Add the Interest to the balance amount to arrive at the Self Assessment Tax Payable / Net Refund Due.
  1. FILING OF RETURNS – STEPS  Pay the Self Assessment Tax  File the Return physically or upload the return electronically.
  1. ADVANCE TAX [SECTION 211]  Advance tax is payable in 3 Installments (4 in case of Companies)— Payable on 15th June  15th September  15th December  15th March— and Where first installment of 15th June is payable only if the assessee is a company.
  1. SELF ASSESSMENT TAX [SECTION 140A] When on computation of income for the year for the purpose of filing the return of income it is found that some tax remains payable even after adjustment of advance tax along with deducted/collected at source, such balance tax along with interest thereon is required to be paid as self-assessment tax before filing the returns of income.  From A.Y 2013-14, any return uploaded without paying the Self-assessment tax would not be accepted by the Income-tax department and considered defective.
  1. RETURN OF INCOME [SECTION 139]  Normal Return  Belated Return  Revised Return  Loss Return  Defective Return.
  1. NORMAL RETURN  Who is required to file return of income — Company or a firm – mandatory requirement — Others – total income exceeds basic threshold limit (i.e. INR 2,00,000 for A.Y. 2013-14)— Any person who is otherwise not required to furnish return of income will be required to file a return if he has any asset located outside India or has signing authority in any account located outside India.
  1. BELATED RETURN  Any person who has not furnished a return within the time allowed u/s 139(1) or  Within the time allowed under a notice issued u/s— 142(1), but filed before the end of one year from the relevant assessment year or the completion of the assessment, whichever is earlier.
  1. REVISED RETURN Can be filed if the assessee discovers an omission or wrong statement  Replaces the original return  Can be filed before the end of one year from the relevant assessment year or the completion of the assessment, whichever is earlier  Can be revised further  Belated return cannot be revised.
  1. LOSS RETURN  Return must be filed within the prescribed time limits  If not filed, no carry forward of loss, however carry forward of loss under House property head, unabsorbed depreciation & unabsorbed family planning expenses are permissible.
  1. DEFECTIVE  RETURN  Incomplete return  Assessee may be given an opportunity to rectify the defect  If the defect not rectified, the return treated as invalid.  Return will be defective if: columns of return not filled or annexures are not attached;  computation of income tax not attached;proof of tax deposited is not produced within the period of two years, Non furnishing of tax audit report; etc,Self-assessment tax is not paid (from A.Y 2013-14).
  1. RETURN IS FILED – WHAT NEXT?  Either a summary assessment (Section 143(1)) and/or  A regular (scrutiny) assessment (Section 143(3)).
  1. SUMMARY ASSESSMENT [SEC. 143(1) To be issued only if there is a demand or a refund due.  If no demand/refund then Acknowledgement is deemed to be the intimation  Time limit – the end of one year from the relevant assessment year or the completion of the assessment, whichever is earlier .There will be no processing of the returns where assessee are selected for Scrutiny.
  1. SCRUTINY ASSESSEMENT [SEC. 143 (2)/(3)]  Time limit for issuing notice Time limit for completing the scrutiny Type of questions that are being asked.
  1. REFUNDS [SECTION 237]  A claim for refund shall be claimed in Form No. 30  Adjustment of refund against demand for another year (Section 245).
  1. INTEREST [SECTION 234A 234D]  For Defaults in furnishing return of income [SECTION 234A]  For Failure to Deduct and pay tax at source [SECTION 201(1A)] A Interest for Default in payment of Advance Tax [SECTION 234B].
  1. INTEREST [SECTION 234A 234D] TO SECTION For Deferment of Advance Tax [SECTION 234C] Corporate Assessee [SECTION 234C(1)(a)] Non Corporate Assessee [SECTION 234C(1)(c)] àShort payment of Advance Tax in case of Capital Gains/Casual Income [First Proviso to SECTION 234C(1)].
  1. INTEREST [SECTION 234A 234D]  Interest TO SECTION on Excess Refund [SECTION 234D] For Making Late Payment of Income tax [SECTION 220(2)]  Interest Payable to Assessee [SECTION 244A].
  1. RECTIFICATION OF MISTAKES [SECTION 154]RECTIFICATION OF MISTAKES  An income-tax authority may with a view to rectifying any mistake apparent from the record:  amend any order passed by it—  amend any intimation or deemed intimation under— section 143(1) and section 200A. Rectification may also be made on application by the assessee  Orders cannot be rectified after expiry of 4 years from the end of the financial year in which order sought to be amended was passed  On rectification plea by assessee – Amendment / refusal order to be passed within 6 months from the end of the month in which the application is received by the incometax authority.
  1. RECTIFICATION OF MISTAKES  Mistake  Obvious and patent—  Self evident and reached without debate—  Fresh determination of facts should not be required—  Misreading of a clear provision of law/ applying an— inapplicable provision/ overlooking mandatory provision  Statutory interpretation should not be involved—  Record  Includes all materials/ documents available at the time— of passing the order of assessment  Fresh documents/ materials not recorded at the time of— passing the order cannot be considered  Record of any period can be considered—
  1. RECTIFICATION OF MISTAKES  Examples of mistakes apparent from record which can be rectified — Error of law or fact — Clerical or arithmetical error — Error in determination of written down value — Overlooking the obligatory provisions of the legislature — Mistakes arising out of retrospective amendment of law
  1. REVISION OF ORDERS BY COMMISSIONER [SECTION 263 & 264]REVISION OF ORDERS BY COMMISSIONER U/S 263  Pre-requisites — Erroneous order Record shall include and shall be deemed always to have included all records available at the time of examination by the Commissioner Revised order should be passed before the expiry of 2 years from the end of the financial year in which order sought to be revised was passed Opportunity of being heard should be given to the assessee before passing an order under section 263 Powers of Commissioner – Enhance, modify or cancel the assessment and direct a fresh assessment Appeal can be filed to the Appellate Tribunal against the order under section 263 —  Prejudicial to interests of Revenue
  1. REVISION OF ORDERS BY COMMISSION U/S 264 : Revision of orders, on own motion of Commissioner or on application by the assessee Revision of order on own motion by the Commissioner, to be passed within one year from date of order sought to be revised Application by assessee should be made within 1 year from date on which the order in question was communicated or date on which assessee came to know of order, whichever is earlier Order to be passed within 1 year from end of financial year in which application is made by assessee for revision Pre-requisite – Assessee to waive right of appeal Where appeal against the order has been filed – no revision possible
  1. APPEALS TO COMMISSIONER(APPEALS) [SECTION 246A TO 249]APPEALS TO COMMISSIONERS (APPEALS) Appealable orders (Illustrative):  Scrutiny assessment order—  Best Judgment assessment order—  Reassessment order—  Rectification order enhancing assessee’s liability—  Appeal against intimation passed under section 200A—  Tonnage tax order— Appeal to CIT(A) within 30 days of  Date of payment of tax, where appeal is in respect of TDS—under section 195  Date of service of notice of demand relating to assessment or— penalty  Date on which intimation of order sought to be appealed against— is served
  1. APPEALS TO COMMISSIONERS (APPEALS)  Time extended if sufficient cause proven Appeal to be filed in prescribed form and manner CIT(A) fixes a day and place for hearing the appeal, and notice of the same is given to the appellant and the assessing officer whose order is being appealed against During the course of the hearing, CIT(A) may entertain additional ground/evidence raised by the appellant in seeking modification of the assessment order passed by the assessing officer  CIT(A)’s order disposing of the appeal is in writing and states decision and reasons supporting the same  CIT(A) has powers to confirm, reduce, enhance or annul the assessment Where possible, CIT(A) to dispose within 1 year from the end of the financial year in which appeal was filed
  1. APPEALS TO TRIBUNAL [SECTION 252 TO 255]APPEALS TO TRIBUNAL  Should be filed within 60 days of the date on which the order sought to be appealed against is communicated Memorandum of cross-objections – within 30 days of receipt of notice that an appeal has been preferred to the ITAT Time extended if sufficient cause proven To be filed in prescribed form and manner Additional ground/ evidence can be raised for the first time before the ITAT. In such a case opportunity of being heard should be given to the assessing officer After hearing both parties, the ITAT passes an order as it thinks fit and communicates the same to the assessee and the Commissioner Where possible, ITAT to dispose within 4 years from the end of the financial year in which appeal was filed In case order of stay is made, appeal to be disposed within 180 days of stay order; else, stay stands vacate.
  1. APPEALS TO TRIBUNAL Mistakes apparent from record – Order of ITAT can be amended within 4 years from date of ITAT order [Section 254(2)] if it is brought to the notice by the assessee or the assessing officer  Final fact finding authority  Binding nature
  1. APPEAL TO HIGH COURT [SECTION 260A] APPEALS TO HIGH COURT Right exercisable u/s 260A  Preferred against ITAT’s order  Only for a case involving a “substantial question of law”  Should be filled within 120 days of receipt of ITAT’sorder  Can also be filed by the Tax department  Rules framed for court proceedings and conduct has to be observed
  1. APPEALS TO SUPREME COURT Right exercisable u/s 261.  Preferred against High Court’s order Only for a case involving a “substantial question of law”  Should be filled within 60 days of receipt of High Court’s order  Can also be filed by the Tax department  Rules framed for court proceedings and conduct has to be observed

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 011-23343333

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Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)