Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
