28 March 2024
IF MR.X HAS FILED REGULAR RETURN U/S 139(1) FOR A.Y.2018-19 AS ON 31/10/2018 FOR WHICH INTIMATION LETTER WAS RECEIVED AS ON 26/04/2019 UNDER WHICH DISALLOWANCE UNDER SECTION 43B WAS MADE FOR GST LIABILITY NOT PAID BEFORE REGULAR FILING OF RETURN. AFTERWARDS MR.X HAS PAID THE GST LIABILITY BUT DEMAND WAS MADE AGAINST SUCH RETURN. NOW MR.X HAS FILED RECTIFICATION OF RETURN U/S 154 AS ON 06/06/2023 AND PROCEESED AS ON 05/10/2023 BUT SUCH ORDER WAS NOT KNOWN TO ASSESSE AND APPEAL WAS NOT FILED AGAINST SUCH ORDER. NOW MR.X HAS AGAIN FILED RECTIFICATION U/S 154 AS ON 31/01/2024 SO, WHETHER SUCH SECOND RECTIFICATION CAN BE FILED? WHTHER IT IS WITHIN TIME LIMIT? IF YES ASSESSE SHOULD WAIT FOR SUCH RECTIFICATION TO BE PROCESSED TO FILE APPEAL AGAINST SUCH ORDER? OR IS THERE ANY OTHER OPTION TO FILE APPEAL FOR SUCH ASSESSMENT YEAR?
29 March 2024
Now whether there is any option to nullify such demand or file appeal against such demand for stating the fact that actual payment was made?
Section 43B of the IT Act mandates the allowability of various expenses only on a payment basis, irrespective of the fact that the assessee follows a mercantile system of accounting. In the cash method, the revenues and expenses are recognized only when cash is received or paid out respectively.
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