SC upholds right to file revised return under Income Tax law after cancellation of sale agreements with associates The SC upheld the HC's decision allowing the assessee to file a revised return after cancellation of five sale agreements with associate parties, ...
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SC upholds right to file revised return under Income Tax law after cancellation of sale agreements with associates
The SC upheld the HC's decision allowing the assessee to file a revised return after cancellation of five sale agreements with associate parties, withdrawing income originally declared from those transactions. The Court found the original return contained a wrong statement corrected by the revision, with no real income accrued from the cancelled sales. The Tribunal's factual findings that no income arose from the cancelled transactions were affirmed. The SC found no reason to interfere with the HC's order and dismissed the civil appeal.
The Supreme Court, through Justices J. B. Pardiwala and R. Mahadevan, after hearing Senior Counsel Mr. Arijit Prasad for the appellant (Revenue) and reviewing the record, found "no good reason to interfere with the impugned order dated 13-04-2015 passed by the High Court of Judicature at Bombay." Consequently, the Civil Appeal was dismissed, and all pending applications were disposed of.
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