Customs-controlled cargo movement now includes GDL, subject to EXIM prioritisation, segregation, verification, reconciliation and enforcement safeguar...
The assessee filed an original return u/s 139(4) and later discovered an omission, wrongly claiming deduction u/s 57 for interest paid on borrowed capital under 'Income from Other Sources' instead of 'Business Income'. As per Section 139(5), a revised return can be filed within one year from the end of the relevant assessment year or before completion of assessment, whichever is earlier. The assessee filed a revised return within the stipulated timeframe, correctly claiming the deduction under 'Business Income'. The CIT(A) decided the matter without affording an opportunity to the assessee. The ITAT set aside the matter to the CIT(A) to decide afresh after providing reasonable opportunity to the assessee, allowing the appeal for statistical purposes. The revised return needs to be considered to examine the claim of deduction.
The assessee filed an original return u/s 139(4) and later discovered an omission, wrongly claiming deduction u/s 57 for interest paid on borrowed capital under 'Income from Other Sources' instead of 'Business Income'. As per Section 139(5), a revised return can be filed within one year from the end of the relevant assessment year or before completion of assessment, whichever is earlier. The assessee filed a revised return within the stipulated timeframe, correctly claiming the deduction under 'Business Income'. The CIT(A) decided the matter without affording an opportunity to the assessee. The ITAT set aside the matter to the CIT(A) to decide afresh after providing reasonable opportunity to the assessee, allowing the appeal for statistical purposes. The revised return needs to be considered to examine the claim of deduction.
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TaxTMI 
TaxTMI 
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