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Kerala HC Orders for ITR, Non-filing on Bonafide Belief of Tax Exemption U/S 80P

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Kerala HC Orders for ITR, Non-filing on Bonafide Belief of Tax Exemption U/S 80P
Kerala HC's Order For Muvattupuzha Housing Co-operative Society Ltd.

The Kerala Excessive Courtroom has issued a directive relating to the Revenue Tax Returns (ITR) in instances the place revenue tax returns weren’t filed attributable to a real perception within the exemption supplied below Part 80P of the Revenue Tax Act, 1961.

The present writ petitions contend the notices issued below Part 148 of the Revenue Tax Act, 1961, and subsequent proceedings taken in accordance with the notices for the Evaluation Yr 2019-20.

The petitioner, The Muvattupuzha Housing Co-operative Society Ltd, is a cooperative society registered below the Kerala Co-operative Societies Act 1969 and its guidelines.

They didn’t file their revenue tax return for the Evaluation Yr 2019-20 believing that their whole revenue was exempt below Part 80P of the Revenue Tax Act, thus contemplating it not relevant to file the return.

The assessing authority suspected that the petitioners had hid their revenue and tried to evade evaluation. Consequently, notices had been issued to the petitioners below Part 148A, and after contemplating their response, orders had been issued to proceed with the evaluation.

Nonetheless, the petitioners didn’t file their revenue tax returns in response to the orders issued below Part 148 of the Revenue Tax Act.

The counsel representing the petitioners requested that the petitions be disposed of, granting the petitioners the freedom to file their revenue tax returns and take all pleas relating to their declare for revenue exemption below Part 80P of the Revenue Tax Act.

In response, a Single Bench of the courtroom said that the current writ petitions can be disposed of, permitting the petitioners to file their revenue tax returns inside one month from the date of the order.

If the petitioners comply and file their returns throughout the supplied timeline, the assessing authority will overview the returns following the regulation and promptly challenge the ultimate evaluation orders.

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