| Question And Answer | |
|---|---|
| Subject: | Charitable Trust -Faceless Assessment –Accumulation of income – Failure to consider the submission, what is the remedy .? |
| Category: | Income-Tax |
| Querist: | A MURALIDHARAN |
| Answered by: | Advocate Aditya Ajgonkar |
| Tags: | accumulation of income, charitable trust, Faceless assessment |
| Date: | May 15, 2021 |
We have submitted all documents for deduction as application including the bank statement. The Fixed deposits made during 15-31st March shown as FDs in Balance sheet in respect of contributions received during 2nd week of March and claimed by filing necessary application for accumulation, the Officer misconstrued it as an application and treated the contribution as incoome and assessed the same. The rectification Petition filed before Juridictional AO failed to appreciate the fact and simply rejected saying that the E-asst. officer has already considered. What to do now ? Of course we have already filed an appeal aleady.
The rectification application may need to be filed through the Income-tax Portal. The detailed process for filing of application for rectification of a mistake apparent from the record is to be found at https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Rectification_Brochures.pdf
The rectification application may be filed online. If it is not considered, the Assessee shall have the option of filing of an appeal against the failed rectification or filing a writ petition before the jurisdictional High Court if circumstances can be made out of why the High Court should entertain the same directly. The regular appeal already filed against the order shall also need to be agitated if the rectification fails / is not disposed before the conclusion of the Appeal. As this question has been answered for educational purposes, you are requested to obtain proper legal advice based upon the facts and circumstances of your case by a tax professional of your choice.