https://www.taxtmi.com/caselaws?id=798813 Timely revised returns filed within the period prescribed under Section 139(5) must be considered where they correct an omission or wrong statement in an original return. Eligible derivative transactions undertaken on a recognised stock exchange fall outside speculative transactions under the proviso to Section 43(5). Reclassifying an already disclosed futures and options loss from speculative loss to non-speculative business loss does not introduce a fresh loss or new claim; it corrects its character and consequential set-off and carry-forward computation. Principles governing change of opinion in reassessment do not restrict the statutory right to file a revised return. en-us Mon, 31 Aug 2026 00:00:00 +0530 Sat, 12 Sep 2026 08:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798813 Timely revised returns filed within the period prescribed under Section 139(5) must be considered where they correct an omission or wrong statement in an original return. Eligible derivative transactions undertaken on a recognised stock exchange fall outside speculative transactions under the proviso to Section 43(5). Reclassifying an already disclosed futures and options loss from speculative loss to non-speculative business loss does not introduce a fresh loss or new claim; it corrects its character and consequential set-off and carry-forward computation. Principles governing change of opinion in reassessment do not restrict the statutory right to file a revised return. Case-Laws Income Tax Mon, 31 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798813