Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
A revised return validly filed on discovery of bona fide omissions under section 139(5) supplants the original return for all assessment purposes, so the original computation cannot be treated as surviving separately for depreciation. The Court held that the revised return here was not a mere change in depreciation mode but also corrected omitted claims, and there was no mala fide intent. It further held that Rule 5(1A) is directory, but the option to switch from SLM to WDV cannot extend the statutory due date under section 139(1). Since the revised return replaced the original and the depreciation option was otherwise within the year concerned, the assessee was allowed to adopt WDV and the revenue's challenge failed.
A revised return validly filed on discovery of bona fide omissions under section 139(5) supplants the original return for all assessment purposes, so the original computation cannot be treated as surviving separately for depreciation. The Court held that the revised return here was not a mere change in depreciation mode but also corrected omitted claims, and there was no mala fide intent. It further held that Rule 5(1A) is directory, but the option to switch from SLM to WDV cannot extend the statutory due date under section 139(1). Since the revised return replaced the original and the depreciation option was otherwise within the year concerned, the assessee was allowed to adopt WDV and the revenue's challenge failed.
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