https://www.taxtmi.com/caselaws?id=206188 The High Court upheld the assessee's right to file a revised return under Section 139(5) of the Income Tax Act, 1961, and withdraw the exemption claimed under Section 10B. The Court dismissed the revenue's appeal, affirming the decisions of the CIT(A) and the Tribunal. It emphasized the assessee's entitlement to revise the return based on valid reasons, such as unfavorable market conditions affecting export obligations. The Court found no error in the lower authorities' approach and supported the assessee's actions in compliance with the Income Tax Act provisions. en-us Fri, 25 Feb 2011 00:00:00 +0530 Tue, 11 Dec 2012 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206188 The High Court upheld the assessee's right to file a revised return under Section 139(5) of the Income Tax Act, 1961, and withdraw the exemption claimed under Section 10B. The Court dismissed the revenue's appeal, affirming the decisions of the CIT(A) and the Tribunal. It emphasized the assessee's entitlement to revise the return based on valid reasons, such as unfavorable market conditions affecting export obligations. The Court found no error in the lower authorities' approach and supported the assessee's actions in compliance with the Income Tax Act provisions. Case-Laws Income Tax Fri, 25 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206188