Home Highlights May 2012 Year 2012 This

You may also like:

1. Carry forward of business loss - original return was filed u/s 139(1) within time declaring positive income - later revised return u/s 139(5) filing declaring loss - On...

2. Claiming carry forward of loss at a higher level - Revised return - Since the assessee furnished the revised return within the stipulated period claiming loss at a...

3. Carry forward the loss claimed in the revised return of income - the return filed by the assessee u/s. 139(5) of the Act is in accordance with law and therefore the...

4. When the AO rejects the revised return then the whole return is invalid. In case AO makes addition from the revised return then it means that he recognizes the revised...

5. Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered 100% rental income for AY 2014-15 erroneously, rectified in...

6. Penalty u/s 271(1)(C) - reopening of assessment u/s 147 after filing of revised return - Revised return was not filed in response to notice issued u/s.148 and therefore,...

7. Penalty u/s 271(1)(c) - income voluntarily offered before commencement of assessment proceedings - the time limit for furnishing the revised return of income u/s 139(5)...

8. Addition of amount shown in revised return under the pressure of the department - revised return should relate back to the return originally filed, minus the omissions...

9. Revised return of loss/unabsorbed depreciation – even if the assessee has not filed revised return, AO is bound to allow carried forward loss or depreciation as per the record - AT

10. The Income Tax Appellate Tribunal held that the revised return of income filed by the assessee cannot be treated as invalid by the Assessing Officer (AO). Since the AO...

11. The assessee filed an original return u/s 139(4) and later discovered an omission, wrongly claiming deduction u/s 57 for interest paid on borrowed capital under 'Income...

12. Validity of revised return filed vis-a-vis claims made thereunder - revised return treated as non-est - the appellant filed his original return otherwise than u/s 139(1)...

13. Rectification of mistake u/s 154 - belated return u/s 139(4) - Subsequently revised - request of rectification based on revised return - not permissible as belated...

14. The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

15. Revised Concept Paper on Taxation of Services based on Negative List November, 2011