https://www.taxtmi.com/caselaws?id=757891 The ITAT Chandigarh allowed the assessee's appeal for statistical purposes regarding disallowance of interest expenditure under section 57. The assessee had wrongly claimed interest on borrowed capital under "income from other sources" instead of "business income" in the original return filed under section 139(4). The ITAT held that revised returns can be filed within one year from assessment year end or before assessment completion, whichever is earlier, as per section 139(5) amended by Finance Act 2016. Since the assessee had properly revised the return within the stipulated timeframe correcting the classification error, the revised return should be considered. The matter was remanded to CIT(A) for fresh decision after providing reasonable opportunity to the assessee, as the original decision lacked proper examination of facts. en-us Wed, 31 Jul 2024 00:00:00 +0530 Tue, 03 Sep 2024 11:24:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757891 The ITAT Chandigarh allowed the assessee's appeal for statistical purposes regarding disallowance of interest expenditure under section 57. The assessee had wrongly claimed interest on borrowed capital under "income from other sources" instead of "business income" in the original return filed under section 139(4). The ITAT held that revised returns can be filed within one year from assessment year end or before assessment completion, whichever is earlier, as per section 139(5) amended by Finance Act 2016. Since the assessee had properly revised the return within the stipulated timeframe correcting the classification error, the revised return should be considered. The matter was remanded to CIT(A) for fresh decision after providing reasonable opportunity to the assessee, as the original decision lacked proper examination of facts. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757891