https://www.taxtmi.com/caselaws?id=220855 A revised loss return filed within the statutory time under section 139(5) was accepted because the Assessing Officer lacked sufficient material to reject it merely due to differences from the original return. The objection to the revised loss figures therefore failed. The assessee's classification as a local authority or an artificial juridical person was not finally determined, as the basis for changing status required independent and reasoned reconsideration rather than reliance on return discrepancies alone. That issue was remitted for fresh adjudication, resulting in only partial relief to the assessee. en-us Fri, 14 Sep 2012 00:00:00 +0530 Wed, 16 Jan 2013 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220855 A revised loss return filed within the statutory time under section 139(5) was accepted because the Assessing Officer lacked sufficient material to reject it merely due to differences from the original return. The objection to the revised loss figures therefore failed. The assessee's classification as a local authority or an artificial juridical person was not finally determined, as the basis for changing status required independent and reasoned reconsideration rather than reliance on return discrepancies alone. That issue was remitted for fresh adjudication, resulting in only partial relief to the assessee. Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220855