Avoidance of disputes.Option exercised in ITR form is essential and can be considered as such. However, if in any provision of the Act or Rules, there is requirement to exercise any option, it should also be made in prescribed form, if any , otherwise in suitable manner in writing before specified time to avoid disputes. A study in view of recent judgment of the Supreme Court

Avoidance of disputes.Option exercised in ITR form is essential and can be considered as such. However, if in any provision of the Act or Rules, there is requirement to exercise any option, it should also be made in prescribed form, if any , otherwise in suitable manner in writing before specified time to avoid disputes. A study in view of recent judgment of the Supreme Court https://www.taxtmi.com/article/detailed?id=12181 Where rules require only that an option be exercised before the due date for filing the return and do not prescribe a specific mode, a clear claim in the income-tax return to adopt the Written Down Value method constitutes exercise of the option and will be treated as final for subsequent years. If a prescribed form or procedure is mandated, that mode and timing must be complied with; in some contexts prescribed forms are treated as procedural and delays condoned, but mandatory declarations required by statute must be filed on time or relief may be denied. en-us Sat, 30 Dec 2023 08:38:11 +0530 Sat, 30 Dec 2023 08:38:11 +0530 TaxTMI RSS Generator Avoidance of disputes.Option exercised in ITR form is essential and can be considered as such. However, if in any provision of the Act or Rules, there is requirement to exercise any option, it should also be made in prescribed form, if any , otherwise in suitable manner in writing before specified time to avoid disputes. A study in view of recent judgment of the Supreme Court https://www.taxtmi.com/article/detailed?id=12181 Where rules require only that an option be exercised before the due date for filing the return and do not prescribe a specific mode, a clear claim in the income-tax return to adopt the Written Down Value method constitutes exercise of the option and will be treated as final for subsequent years. If a prescribed form or procedure is mandated, that mode and timing must be complied with; in some contexts prescribed forms are treated as procedural and delays condoned, but mandatory declarations required by statute must be filed on time or relief may be denied. Articles Income Tax Sat, 30 Dec 2023 08:38:11 +0530 https://www.taxtmi.com/article/detailed?id=12181