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Filing statutory forms within specified time to avail tax benefits: Whether mandatory or directory?
By Varshini U.J.
The Courts in the past have on numerous occasions held that the filing of statutory forms within the due date prescribed under the Income Tax Act, 1961, is a directory (and not mandatory) requirement, to claim deductions/exemptions that are available to taxpayers. Recently, however, the Supreme Court judgment in Wipro Limited changed the course of the river. The author in the in this issue of Direct Tax Amicus observes that such a drastic consequence does not seem to be the intention of the Supreme Court, considering the subsequent judgment of the Gujarat High Court and an ITAT Order. According to her, as long as claim for deduction/exemption is reflected in the RoI, statutory form is filed before the completion of assessment and procedural delay in filing the statutory form is due to sufficient and good cause, the taxpayers would not be remedy less.
Notifications & Circulars
Exemption under Section 10(46) available to Tamil Nadu Electricity Regulatory Commission, Tamil Nadu Water Supply and Drainage Board, and to Real Estate Appellate Tribunal, Punjab
Exemption under Section 10(46A) available to Mathura Vrindavan Development Authority
Cost Inflation Index for AY 2025-26 notified
Ratio decidendi
Reference to DRP – Final Assessment Order passed beyond limitation as per Section 144C(13) is time-barred even if delay is due to non-participation by assessee in verification – ITAT Chennai
Benefit under Direct Tax Vivad Se Viswas Act, 2020 is available where time-limit to file appeal against CIT(A) order not exhausted on specified date – Delhi High Court
Taxability under Section 44BB does not arise sans PE in India – SC judgment in ONGC distinguished – ITAT New Delhi
Re-assessment proceedings quashed, as taxability of Non-convertible Debenture on receipt basis was accepted during assessment – Bombay High Court
Penalty under Section 271(1)(c) is unjustified sans mens rea, basis MAP-driven revised returns and voluntary tax payment – ITAT Bengaluru
India-Thailand DTAA – In absence of clause for ‘Fee for technical services’, technical services constitute business income and not taxable without PE – ITAT New Delhi
