https://www.taxtmi.com/caselaws?id=237444 The HC held that dividend income from approved mutual fund units is exempt under Section 10(35)(a), and losses on sale of such units qualify as business losses, not speculative losses. Although the assessee filed a revised computation beyond the time allowed under Section 139(5), reliance on SC precedent mandated that the officer not exploit the assessee's ignorance of rights. Consequently, the HC remanded the matter to the AO for fresh consideration on merits, ruling against the revenue's rejection of the revised return. en-us Mon, 02 Sep 2013 00:00:00 +0530 Mon, 04 Aug 2025 15:09:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237444 The HC held that dividend income from approved mutual fund units is exempt under Section 10(35)(a), and losses on sale of such units qualify as business losses, not speculative losses. Although the assessee filed a revised computation beyond the time allowed under Section 139(5), reliance on SC precedent mandated that the officer not exploit the assessee's ignorance of rights. Consequently, the HC remanded the matter to the AO for fresh consideration on merits, ruling against the revenue's rejection of the revised return. Case-Laws Income Tax Mon, 02 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237444