Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
