https://www.taxtmi.com/caselaws?id=22438 The court held that a valid revised return filed by the assessee completely effaces and obliterates the original return for assessment purposes. It was affirmed that the earlier return is obliterated once a valid revised return is filed. Additionally, the court ruled that profits and gains for entertainment expenses under section 37(2A) should be calculated without setting off brought forward losses and unabsorbed depreciation. The decisions were against the Revenue, emphasizing that statutory allowances should not be deducted before arriving at the profits and gains of the business. en-us Thu, 31 Jan 1991 00:00:00 +0530 Thu, 10 Dec 2009 11:21:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22438 The court held that a valid revised return filed by the assessee completely effaces and obliterates the original return for assessment purposes. It was affirmed that the earlier return is obliterated once a valid revised return is filed. Additionally, the court ruled that profits and gains for entertainment expenses under section 37(2A) should be calculated without setting off brought forward losses and unabsorbed depreciation. The decisions were against the Revenue, emphasizing that statutory allowances should not be deducted before arriving at the profits and gains of the business. Case-Laws Income Tax Thu, 31 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22438