The first article of the edition is related to failure to claim certain vital expense/relief in the ITR by the assessee. This article aims to provide an in-depth understanding of the critical aspects related to the failure to claim certain expenses, deductions, and losses in return of income, along with the consequences and available remedies under the Income Tax Act. In this first part, we have explored the implications of failing to claim depreciation, deductions under sections 54/54F. These topics are vital for taxpayers to understand, as overlooking them can result in lost opportunities for tax savings and financial planning. The following articles will continue to explore these important provisions, offering insights on how to effectively navigate and mitigate potential pitfalls in tax compliance.
The Second Article is on the recent judgement of the Hon’ble National Company Law Tribunal, Mumbai bench, affirming that in case of sale of the corporate debtor in liquidation as a going concern, only assets will be transferred to the Purchaser and the liabilities would be discharged as per mechanism prescribed under section 53 of the IB Code.
The year 2024, was a great year, with a collection of elite articles. I congratulate the team at SBS, for their efforts in research on variety of topics and happening areas. I hope that you will have a good time reading this last edition for the year 2024, and your valuable feedback is appreciated. Looking for the continued support.
Key Topics:
-
Failure to claim expense/relief in ITR vis-à-vis Remedies available to the assessee – II
-
“Sale of corporate debtor under liquidation as a going concern” will liabilities also be transferred, along with the assets?
