TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 666
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....u/s.154 of the Act. 2. Since common issues have been raised for the impugned assessment years, I proceed to dispose of these appeals by way of this consolidated order for the sake of convenience. 3. Facts in brief are that for the impugned assessment years the assessee has furnished returns of income and the same have been processed. Assessee has filed applications u/s.154 of the Act for rectification of mistake commonly stating that since shares of each Member are definite and the shares of respective beneficiary in the income of the trust being included in their respective returns of income nothing remains to be taxed in the hands of the trust. However, since the applications u/s.154 of the Act were barred by limitation same were reject....
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....3 To The Income Tax officer, Kolhapur 2(1), Kolhapur Sub:-Reply to the your Issue Letter - Online service e of Orders - Letter dated 26/07/2023 having DIN & Letter No. ITBA/OM /F/17/2023-24/1054621824(1) for recovery of outstanding demand. We are in receipt of above mentioned letter wherein demand of Rs.2.22,640/- outstanding for the A.Y.2017-18. We wish to inform that, Shrikant Herwade Family Trust is a private trust settled on 4th April 1990. The trust is specific trust, having specific beneficiaries with specific shares in Incomes and corpus of the Trust. The income of the trust consists of income from House Property and Income from Other Sources (Interest on Deposit). The building owned by the trust is given on rental to the B....
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....contents of the Rectification Application has passed Rectification order dated 23.07.2024 giving necessary relief to the assessee. Finding of ld. Assessing Officer reads as follows : "1. The assessee has submitted copy of return of income, order u/s. 143(1), Form 26AS, computation of total income, copy of trust deed and the detail of beneficiaries such as their acknowledgment of return of income, computation of total income and Form 26AS. The documents submitted by assessee is kept on record. On perusal of submission of assessee, it is observed that the assessee trust is a specific trust, having income from house property. In its application, the assessee has stated that the entire income of the assessee is distributed among all its benef....
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....he fate of those applications would have been in favour of the assessee as was the case for A.Y.2017-18. It is an admitted fact that for the Tax matters assessee is dependent upon the Tax Consultant. It is also well known that due date of filing of return of income is normally known to the assessee's but the time limit for filing Rectification Application u/s.154 of the Act and also whether the Rectification Application can be filed for certain apparent mistakes may not be known to all the assessee's and it is the Tax Consultant who need to give advice to the assessee depending upon the facts of the case. Even though the time limit for filing Rectification Application u/s.154 of the Act is four years but then for the reasons beyond control ....
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....ollowing the established procedure laid down. under rules 46A(1), (2) and (3) of the Rules which we order accordingly. The impugned order passed by the Lower authority is hereby quashed and set aside. The appeal is remanded to the Commissioner of Income-tax,who shall make an endeavour to dispose of the entire appeal in accordance with law as indicated above as expeditiously as possible, The assessee is also directed to produce relevant additional evidences concerning the issue in question, where additional evidence in form of segmental audited results have been admitted which needs to be verified and examined by the Revenue authorities and in any case within a period of three months from the date of pronouncement of this order before him." ....