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The Supreme Court dismissed the civil appeal, affirming the Bombay HC's decision that the assessee validly filed a revised return after discovering the cancellation of five sale agreements involving immovable properties with associate entities. The original return, which included declared income from these transactions, was corrected as no real income had accrued due to the cancellations. The Tribunal's factual findings that the assessee complied with Section 139(5) and that no taxable income arose from the cancelled transactions were upheld. The Court found no reason to interfere with the impugned order, confirming that the revised return accurately reflected the assessee's income position and that hypothetical income could not be taxed.
The Supreme Court dismissed the civil appeal, affirming the Bombay HC's decision that the assessee validly filed a revised return after discovering the cancellation of five sale agreements involving immovable properties with associate entities. The original return, which included declared income from these transactions, was corrected as no real income had accrued due to the cancellations. The Tribunal's factual findings that the assessee complied with Section 139(5) and that no taxable income arose from the cancelled transactions were upheld. The Court found no reason to interfere with the impugned order, confirming that the revised return accurately reflected the assessee's income position and that hypothetical income could not be taxed.
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