https://www.taxtmi.com/caselaws?id=772025 ITAT Mumbai allowed the assessee's appeal regarding denial of losses from equity and derivative transactions despite late filing of return under section 139(1). The tribunal held that since the revised return with computation of income and capital gain/loss statement was not rejected by lower authorities, and citing Article 265 of the Constitution that no tax can be levied except by authority of law, the AO was directed to re-compute tax liability considering all share transactions and allowing the claimed losses. en-us Thu, 22 May 2025 00:00:00 +0530 Tue, 03 Jun 2025 08:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772025 ITAT Mumbai allowed the assessee's appeal regarding denial of losses from equity and derivative transactions despite late filing of return under section 139(1). The tribunal held that since the revised return with computation of income and capital gain/loss statement was not rejected by lower authorities, and citing Article 265 of the Constitution that no tax can be levied except by authority of law, the AO was directed to re-compute tax liability considering all share transactions and allowing the claimed losses. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772025