Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
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 4784
Join Channel
TaxTMI 
