https://www.taxtmi.com/caselaws?id=258959 The Bombay HC upheld the Tribunal's decision allowing the assessee's revised return that withdrew income from five cancelled land/FSI sale agreements with associate companies. The Revenue alleged sham transactions, but the Tribunal found the agreements were genuinely cancelled, properties reverted to the assessee, and were properly reflected in audited accounts. Since no income actually accrued from the cancelled transactions, the original return contained incorrect information, justifying the revised return under Section 139(5). The HC found the Tribunal's factual findings were supported by evidence and not perverse, dismissing the Revenue's appeal for lack of substantial legal questions. en-us Mon, 13 Apr 2015 00:00:00 +0530 Tue, 08 Jul 2025 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258959 The Bombay HC upheld the Tribunal's decision allowing the assessee's revised return that withdrew income from five cancelled land/FSI sale agreements with associate companies. The Revenue alleged sham transactions, but the Tribunal found the agreements were genuinely cancelled, properties reverted to the assessee, and were properly reflected in audited accounts. Since no income actually accrued from the cancelled transactions, the original return contained incorrect information, justifying the revised return under Section 139(5). The HC found the Tribunal's factual findings were supported by evidence and not perverse, dismissing the Revenue's appeal for lack of substantial legal questions. Case-Laws Income Tax Mon, 13 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258959