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Please Help: 119(2)(b)

Posted Date : 26-Feb-2020 , 11:07:55 pm | Posted By: Nitin Mehta

Category : Income Tax | Answers : 0| Comments : 1| Hits: 1063

Assessee has received interest rs. 17500000.00 on enhanced compensation of urban agri land in f.y. 2012-13 and tds on amount was 1750000.00. Assessee did not file the itr for that year due to lack of awareness. Now in e-filing portal their is notice for non filing of return for the same year. My question is that which route is best for assessee to file itr and to get refund of that amount. a. By condonation of delay in filing from chief commisioner in section 119 b. Request to Local ITO for filing of ITR u/s148 In which option ,chances of processing of return is higher ?

Comments
Posted By : Akash Dhanuka 28-Feb-2020, 09:49:44
In the given cases the taxable portions of interest would come for 87.5 lacs after allowing an ad hoc deduction of 50 percent us 57 of the act.. plus since income exceeds 1 crore as an interest income, one can simply assume that assessee will fall under 30 percent tax brackets.. and the tax will come approximately 24-25 lacs and TDS is deducted 17.5 lacs. Hence it is not seems the case of Refund prima facie , neither it's the cases of losses.. assessee can only seek relief from board only in two cases one is in case of Refund and other in cases of losses carry forward. However it is a clear cut escaping assessment cases for which Ito have strong reason to beliefs since TDS is deducted by the payer and will reflected us 26 AS. Hence if AO issues notices us 148 on the basis of such information, then you have to file the income tax return us 148 and should show the income therein. But the last date of issues of notice is up to 31/03/2020.
 

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