Filing of return of income is crucial for claiming any relief under the Income Tax Act, 1961. However, there are certain situations wherein the taxpayer may fail to claim a particular expense or a relief in the return of income. Though there is an alternative remedy of filing the revised return, it is available only for a limited period of time. Once the time limit is expired, a taxpayer may find it difficult to get relief which was not originally claimed in the return of income. The first article of this month edition is with respect to remedies available to the taxpayer for claiming of unclaimed expense or relief in the return of income.
Following the success of Vivad Se Vishwas Scheme, 2020, the Government of India has introduced Vivad Se Vishwas Scheme, 2024. The next article is on procedure to be followed for opting the Vivad Se Vishwas Scheme, 2024.
The next article is on the recent judgement of the Hon’ble Supreme Court in the matter of State Bank of India V. India Power Corporation Limited, wherein the Hon’ble Court, has cleared the ambiguity in the interpretation of “Free Certified Copy” of a Judgement and a “Certified Copy” of a Judgement, under the NCLT Rules. The Court setting aside the order of the Appellate Authority has held that Rule 50 of the NCLT Rules, places a ‘free certified copy’, as well as the ‘certified copy’ which is applied for on payment of fees on the same footing, and on the basis of the Free Certified Copy, an appeal can be preferred with the Appellate Authority, and the same shall be in compliance with the provisions of Rule 22(2) of NCLAT Rules, 2016.
I hope that you will have a good time reading this edition and your valuable feedback is appreciated.
Key Topics:
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Failure to claim expense/relief in ITR vis-à-vis Remedies available to the assessee.
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Direct Tax Vivad Se Vishwas Scheme, 2024 – Eligibility and Forms to be submitted.
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Can an Appeal under Section 61 of the IB Code, be preferred on the basis of a “Free Certified Copy”?
