Home Highlights January 2013 Year 2013 This

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1. Validity of revised return u/s 139(5) - return was revised after issuance of intimation u/s 143(1) - claim of benefit of excess set off of losses and carry forward of...

2. The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

3. 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...

4. Validity of revised return filed vis-a-vis claims made thereunder - revised return treated as non-est - the appellant filed his original return otherwise than u/s 139(1)...

5. Validity of adjustments made in an intimation u/s 143(1) of the Income Tax Act, where there was a mismatch between the income tax return and the tax audit report filed...

6. Adjustment made to the income returned in the intimation made by the CPC u/s 143(1) - exemption u/s 11/12 denied as assessee had failed to furnish the necessary Form 10B...

7. Disallowance made by the CPC in an intimation issued u/s. 143(1) denying the exemption claimed u/s. 11 - where a claim has been made which requires further inquiry, it...

8. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

9. 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...

10. Notice u/s 143(2) - period of limitation - defective return filed u/s 139(1) - upon such defects being removed, the return would relate back to the date of filing of the...

11. Filing of revised return - denial of loss - Considering the revised return date as belated return, whereas original ITR was filed in time - the intimation under...

12. Intimation u/s 143(1) by changing the status of the assessee which consequently enhanced the tax liability of the assessee - from an AOP to a person taxable in terms of...

13. The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

14. Exemption u/s 11 - Admittedly, the claim of exemption was made in the revised return filed within the statutory time limit but was treated as defective only on flimsy...

15. Validity of Intimation passed u/s 143(1) - Rectification of arithmetical error or prima facie incorrect claim - CPC is entitled to make adjustments as per 1st proviso of...