Supreme Court Tax Return Filed Without Regular Books Of Account May Be

Supreme Court Tax Return Filed Without Regular Books Of Account May Be In a recent landmark decision on 23.01.2024, in case of mangalam publications vs cit (civil appeal no. 8580 8582 of 2011), the supreme court addressed the reopening of a concluded assessment under section 147 of the income tax act. Know more on supreme court's ruling that a tax return filed without regular books of account remains valid, whereas the burden to call for the curing of defects solely lies.

Supreme Court Tax Code Case What Is The Definition Of Income The apex court stated, “a return filed without the regular balance sheet and profit and loss account may be defective but certainly not invalid. a defective return cannot be regarded as invalid. Analyzing the facts, the supreme court found that although the appellant could not submit regular books of account, it had provided tentative profit and loss accounts and details of incomings and outgoings for the relevant years. In a recent landmark decision on 23.01.2024, in case of mangalam publications vs cit (civil appeal no. 8580 8582 of 2011), the supreme court addressed the reopening of a concluded assessment. Further the hon’ble supreme court stated that a return filed without the regular balance sheet and profit and loss account may be a defective return but certainly not invalid.

Exploring High Court And Supreme Court Tax Cases Pdf In a recent landmark decision on 23.01.2024, in case of mangalam publications vs cit (civil appeal no. 8580 8582 of 2011), the supreme court addressed the reopening of a concluded assessment. Further the hon’ble supreme court stated that a return filed without the regular balance sheet and profit and loss account may be a defective return but certainly not invalid. The supreme court has asserted that income tax returns ( itrs ) filed without a regular balance sheet and profit and loss account may be deemed defective but are certainly not invalid. Supreme court has held that tax return filed without regular books of account by assessee is defective but not invalid and the burden to inform the assessee about the defects that may be cured is upon the assessing officer. In a recent legal precedent, the supreme court has underscored a crucial principle concerning the validity of tax returns. contrary to conventional belief, the absence of regular books of account does not render a tax return invalid. If he does not exercise the discretion, the return of income cannot be construed as a defective return. as a matter of fact, in none of the three assessment years, the assessing officer had issued any declaration that the returns were defective.