https://www.taxtmi.com/article/detailed?id=10412 A proviso making return filing mandatory for persons with specified high value transactions is prospective and applies from its effective date; it cannot be applied to earlier assessment years. Consequently, entitlement to the Capital Gains Deduction under Section 54 is not automatically dependent on filing a return where, on the facts, the taxpayer had no taxable income and thus no filing obligation. The Tribunal directed that reassessment and denial of the deduction on retroactive application of the proviso were inappropriate. en-us Tue, 24 May 2022 11:26:14 +0530 Tue, 24 May 2022 11:26:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10412 A proviso making return filing mandatory for persons with specified high value transactions is prospective and applies from its effective date; it cannot be applied to earlier assessment years. Consequently, entitlement to the Capital Gains Deduction under Section 54 is not automatically dependent on filing a return where, on the facts, the taxpayer had no taxable income and thus no filing obligation. The Tribunal directed that reassessment and denial of the deduction on retroactive application of the proviso were inappropriate. Articles Income Tax Tue, 24 May 2022 11:26:14 +0530 https://www.taxtmi.com/article/detailed?id=10412