https://www.taxtmi.com/caselaws?id=263067 The High Court upheld the Tribunal's decision in a tax case involving the admissibility of a revised return filed beyond the time limit under Section 139(5) of the Income Tax Act. Relying on the Supreme Court's ruling in Commissioner of Income Tax v. Shelly Products, the Court emphasized the assessee's right to rectify errors in the return, even if filed late, to ensure a fair assessment. The Court rejected the Revenue's argument, stating that the provisions of Section 139(5) and the Shelly Products decision can be harmoniously interpreted to safeguard the assessee's rights. Ultimately, the High Court ruled in favor of the assessee, underscoring the importance of fairness and justice in tax assessments. en-us Thu, 06 Aug 2015 00:00:00 +0530 Wed, 26 Aug 2015 10:14:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263067 The High Court upheld the Tribunal's decision in a tax case involving the admissibility of a revised return filed beyond the time limit under Section 139(5) of the Income Tax Act. Relying on the Supreme Court's ruling in Commissioner of Income Tax v. Shelly Products, the Court emphasized the assessee's right to rectify errors in the return, even if filed late, to ensure a fair assessment. The Court rejected the Revenue's argument, stating that the provisions of Section 139(5) and the Shelly Products decision can be harmoniously interpreted to safeguard the assessee's rights. Ultimately, the High Court ruled in favor of the assessee, underscoring the importance of fairness and justice in tax assessments. Case-Laws Income Tax Thu, 06 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263067