Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the revised return was time-barred, there was no provision to consider the appellant's claim. The Supreme Court held that the assessing officer cannot entertain any claim made by the assessee other than by following the provisions of the Income Tax Act. When a revised return was filed beyond the limitation period u/s 139(5), the assessing officer had no jurisdiction to consider the claim made therein. The Tribunal erred in directing the assessing officer to consider the appellant's claim in the time-barred revised return, as it should have exercised its power u/s 254 to consider the claim itself. The assessing officer's power is limited to considering claims made through valid revised returns filed within the prescribed time limit.
The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the revised return was time-barred, there was no provision to consider the appellant's claim. The Supreme Court held that the assessing officer cannot entertain any claim made by the assessee other than by following the provisions of the Income Tax Act. When a revised return was filed beyond the limitation period u/s 139(5), the assessing officer had no jurisdiction to consider the claim made therein. The Tribunal erred in directing the assessing officer to consider the appellant's claim in the time-barred revised return, as it should have exercised its power u/s 254 to consider the claim itself. The assessing officer's power is limited to considering claims made through valid revised returns filed within the prescribed time limit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
