Home Highlights November 2013 Year 2013 This

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1. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

2. Processing of invalid return u/s 143(1) - Denial of exemption u/s 10(23C)(iiiad) - non-filing of ITR-V within 120 days made the assessee’s return as ‘invalid’ being...

3. Deduction u/s 54F and 54B - investments were been made after the due date for filing of return of income u/s 139(1) but before the filing of return u/s 139(4) - when the...

4. Disallowing the claim of exemption u/s 54-F - Belated filing of ITR - capital gain was not deposited by assessee before due date of filing return of income under section...

5. Disallowance of deduction u/s. 54B - Belated filing of return - Due date for furnishing the return of income as per section 139(1) is subject to the extended period...

6. Rectification of mistake u/s 154 - belated return u/s 139(4) - Subsequently revised - request of rectification based on revised return - not permissible as belated...

7. Capital gain - period of limitation for deposit the amount in Capital Gain Account Scheme - Sub-Section (4) of Section 139 provides extended period of limitation as an...

8. Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss...

9. Exemption u/s 54F - belated filing of return - investment after due date but before actual date of filing of return - exemption allowed - AT

10. Deduction u/s 54 - belated filing of return - amount of capital gain invested for new asset purchased or construction of new asset - It is clear that the deduction under...

11. The case involved denial of exemption u/s 11 due to late filing of return. The department argued return must be filed u/s 139(1) to claim exemption u/s 11. An amendment...

12. LTCG deductions claimed u/s 54B are allowed if the capital gain is utilized for purchasing a new asset before the date of furnishing the return of income u/s 139,...

13. Claim of depreciation at higher rate - failure to file return of income (ITR) within the time limit prescribed u/s 139(1) - since the return was filing within the...

14. Non considering the revised return filed by the assessee for rectifying the mistake in claim of depreciation - In this case, the original return was not filed under...

15. Denial of deduction u/s 80P by invoking section 80A(5) – the belated return filed beyond the time limit provided u/s 139(1) or 139(4) or time specified in notice u/s...