Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
ITAT held that, in terms of Notification No. 05/2022 dated 29-07-2022, the date of dispatch of the duly signed ITR-V by Speed Post is the relevant date for determining the 30-day e-verification period from electronic transmission of the return. The assessee dispatched ITR-V on 21-08-2023, which falls within 30 days from 24-07-2023, rendering the return deemed to be filed within the due date under s.139(1). Accordingly, ITAT directed CPC to allow the assessee's option for the new tax regime. The assessee's appeal was allowed.
ITAT held that, in terms of Notification No. 05/2022 dated 29-07-2022, the date of dispatch of the duly signed ITR-V by Speed Post is the relevant date for determining the 30-day e-verification period from electronic transmission of the return. The assessee dispatched ITR-V on 21-08-2023, which falls within 30 days from 24-07-2023, rendering the return deemed to be filed within the due date under s.139(1). Accordingly, ITAT directed CPC to allow the assessee's option for the new tax regime. The assessee's appeal was allowed.
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