The Kerala High Court granted one month to file an Income Tax Return (ITR) as the notice issued under section 148 of the Income Tax Act, 1961 on grounds of concealment of income and the assessee failed to file an ITR.
Koothattukulam Farmers Service Co-Operative Bank Ltd, the petitioners are Co-operative Societies registered under the provisions of the Kerala Co-operative Societies Act 1969 and Rules made thereunder. The petitioners did not file the return of their income for the Assessment Year 2019-20 on the belief that the petitioners’ entire income was exempt under Section 80P of the Income Tax Act, 1961 and, therefore, they were not required to file the return of their income.
The assessing authority viewed that the petitioners had concealed their income and tried to escape the assessment. The petitioners were therefore issued notices under Section 148A of the Income Tax Act, 1961 and after considering their response, the orders were passed for proceeding against them. In response to the orders passed under Section 148 of the Income Tax Act, the petitioners have not filed their return of income
The Counsel for the petitioners submitted that these petitions may be disposed of with liberty to the petitioners to file the return of income and take all the pleas which are available to them under the law in respect of their claim for their income being jumped under Section 80P of the Income Tax Act.
Considering the plea, the single bench comprising Justice Dinesh Kumar Singh held that “If the petitioners file their return of income within one month from today, the assessing authority will examine the return by the law and pass the final assessment orders expeditiously.”
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