Applying correct rate of depericiation is not a fresh claim, can be allowed by ractification letter

0 comments Sunday, April 1, 2012

Chennai ITAT has held in an following case namely ITO vs. Sri Balalji Sago and Starch Products that rate of depericiation if wrongly applied in the return of income and assessment proceedings the same can be ractified by filing letter for ractification of mistake, since applying incorrect rate of depericiation is an error apperant on record and there is no need to file revised return for it.

It is further held that judgement of Supreme Court in Goetze (India) Ltd. v. CIT 284 ITR 323 to the effect that no fresh claim can be made except by filing revised return is not appliocable to the facts of this case as the assessee while asking for applying correct rate of depericiation, is not making any fresh claim so as to file revise return.
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Individuals and HUFs having foreign assets cannot file Sehaj and Sugam forms, efiling for income exceeding 10 lakhs also made mandatory

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Rule 12 of Income Tax Rules have been amended so as to provide that a resident individual and HUFs having any asset (including financial interest in any entity) located outside India; or a signing authority in any account located outside India shall not be be eligible to file return of income in ITR-1(Sehaj form) and ITR-4 (Sugam Form).

Efiling of returns from A.Y. 2012-13 by  individuals and HUFs having income exceeding Rs. 10 lakh and the individuals and HUFs having any asset (including financial interest in any entity) located outside India; or a signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, has also been made mandatory.
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Order passed against payer under section 195, read with section 201(1)/(1A), would be invalid, if no action against payee is taken and time limit u/s 148 also expired

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Mumbai ITAT has held in a case namely Crompton Creaves Ltd. vs DCIT that Where revenue had not taken any action against payees for non-deduction of tax at source and time-limit for taking action against them under section 148 had also expired, order passed against payer under section 195, read with section 201(1)/(1A), would be invalid.
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