( Author )
29 May 2012
The assessee is a resident individual who was partner in a firm which was working as a builder.
Since last 10 years the firm was incurring heavy losses and the returns were filed. There were huge additions which were challenged before CIT Apeal and ITAT. ITAT gave a good deal of relief by deleting several of the additions. The firm was subsequently closed.
The assessee, never filed the individual income tax returns in the last 10 years.
However, during the F Y 2009-10 he started a new firm in which he has earned marginal income. The return was electronically filed. However, the acknowledgement; which was sent through ordinary post; was not received at the Bangelore.
Now, the ITO has issued notice u/s 148 to non filer of the return for A Y 2010-2011.
What are the remedies available to the assessee. Can he deliver the same return to the AO alongwith a letter of facts.
What would be the consequences that may follow.