https://www.taxtmi.com/caselaws?id=459421 The ITAT Mumbai allowed the appellant's appeal, directing the AO to admit revised claims including deductions under Section 35AC, reduction of book profits, and set-off of brought forward losses. The tribunal rejected the CIT(A)'s findings that the appellant failed to provide reasons for not filing revised returns before scrutiny notice, noting the appellant acted in good faith regarding inadvertent mistakes. The ITAT also allowed deduction under Section 10AA for export proceeds realized after six months, following precedent that Section 10AA contains no time limit for realization of export proceeds. en-us Tue, 28 Feb 2023 00:00:00 +0530 Thu, 12 Dec 2024 18:59:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459421 The ITAT Mumbai allowed the appellant's appeal, directing the AO to admit revised claims including deductions under Section 35AC, reduction of book profits, and set-off of brought forward losses. The tribunal rejected the CIT(A)'s findings that the appellant failed to provide reasons for not filing revised returns before scrutiny notice, noting the appellant acted in good faith regarding inadvertent mistakes. The ITAT also allowed deduction under Section 10AA for export proceeds realized after six months, following precedent that Section 10AA contains no time limit for realization of export proceeds. Case-Laws Income Tax Tue, 28 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459421