2013 (9) TMI 876 - DELHI HIGH COURT

Revised return u/s 139(5) - Exemption u/s 10(35)/ 10(33) - Ignorance of Assessee as to his rights - assessee had filed revised computation of income claiming that dividend of Rs. 80,48,977/- from the units of mutual fund was exempt under Section 10(33) of the Act and loss on sale of units was a business loss and not speculative loss. - Sun F&C Mutual Fund was duly approved mutual fund under Section 10(23D) - Dividend from the units of mutual fund was exempt under Section 10 (35)(a). Similarly with regard to the loss, units of mutual funds were sold and not shares, and therefore, the adverse effect of Explanation to Section 73 was not applicable - Appeal not allowed on the ground that the assessee had not filed a revised return within the time allowed under Section 139(5) of the Act, but had only filed a revised computation – Held that:- Reliance has been placed upon the judgment in the case of CIT Vs. Mr. P. Firm, [1964 (10) TMI 13 - SUPREME Court], wherein it has been held by Hon’ble Supreme court that officer must not take advantage of ignorance of the assessee as to his rights - The matter was remanded to the Assessing Officer to consider the case on merits and decide accordingly. - Decided against the revenue.