One More Extension!

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.21. The details are as under:

1. The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30^th June, 2021, required to be furnished on or before 15^th July, 2021 under Rule 37BB of the Rules, as extended to 31^st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31^st August, 2021;
2. The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30^th June, 2021, as extended to 31^st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31^st August, 2021;
3. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15^th June, 2021 under Rule 12CB of the Rules, as extended to 15^th July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be furnished on or before 15th Sept 2021;
4. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30^th June, 2021 under Rule 12CB of the Rules, as extended to 31^st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be furnished on or before 30th Sept 2021.

Further, considering the non-availability of the utility for e-filing of certain Forms, the CBDT has decided to extend the due dates for electronic filing of such Forms as under:

1. Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30^th June,2021, required to be furnished on or before 31^st July,2021 under Rule 2DB of the Rules, may be furnished on or before 30^th September, 2021;
2. Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30^th June, 2021, required to be furnished on or before 31^st July, 2021 as per Circular No.15 of 2020 dated 22.07.2020, may be furnished on or before 30^th September, 2021.

Important Judicial Precedents

• No reassessment if disputed transaction was already considered in block assessment as well in sec. 263 revision: HC

Seshasayee Paper & Boards Ltd. v. Union of India – [2021] 128 taxmann.com 293 (Madras).

• Failure to seek personal hearing due to technical glitch –Assessment order passed without providing opportunity of hearing is held as bad-in-law

Civitech Developers Pvt. Ltd vs. National e-Assessment Centre – Delhi HC – WP(C) 6669/2021 – order dated 22-07-2021.

• Additional claim for set off of loss can be raised for the first time in the proceedings u/s 148

The Karnataka State Co-Operative Apex Bank Limited vs. DCIT – Karnataka High Court – TS-591-HC-2021(KAR) – dated 06-07-2021

• Provisions of sec. 68 are not applicable to the realization of investment in the current year which was duly reflected in the balance sheet of the assessee in the preceding assessment year.

Brij Resources Pvt. Ltd vs. ITO – Delhi ITAT – ITA No. 8835/Del/2009 – order dated 07-07-2021.

• Madras HC dismisses writ petition against reassessment, holds proceedings to be valid since the error of issuing the notice u/s 148 in the name of a non-existent entity was rectified by the Revenue during the course of proceedings and PAN was not incorrectly mentioned: [TS-608-HC-2021(MAD)].

• Section 153A, read with section 132, of the Income-tax Act, 1961 – Search and seizure – Assessment in case of (Scope of) – Assessment years 2008-09 to 2010-11 – Whether in view of second proviso to section 153A(1) once assessment gets abated in pursuant to search conducted under section 132 it is open for assessee to lodge a new claim in a proceeding under section 153A(1) which was not claimed in his regular return of income – Held, yes – Assessee company filed original return of income under section 139(1) – During pendency of assessment proceedings, a search under section 132 was conducted upon assessee – Following search, notice under section 153A was issued – In response, assessee filed return of income declaring total loss at higher amount – Further, in this return, assessee made a new claim for treating gain on pre-payment of deferred VAT/sales tax on Net Present Value (NPV) basis as capital receipt – Assessing Officer held that assessee could not raise a new claim in return filed under section 153A which was not raised in original return of income filed under section 139(1) – Accordingly, said claim was disallowed and gain was treated as revenue receipt – Whether since when search was conducted, original assessment was pending and was not completed, in view of second proviso of section 153A, assessment got abated and, thus, it was open for assessee to lodge a new claim for deduction etc, which remained to be claimed in his earlier/regular return of income – Held, yes – Whether, therefore, impugned order of Assessing Officer rejecting claim of assessee was unjustified – Held, yes [Paras 12, 13, 14 and 16]

[2020] 115 taxmann.com 165 (Bombay) HIGH COURT OF BOMBAY
Principal Commissioner of Income-tax, Central-2 v. JSW Steel Ltd