Home Highlights February 2013 Year 2013 This

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1. Claim of expenditure in the revised return - Once, the assessee has realized that the claim was wrongly not made, the assessee has every right to revise the return...

2. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

3. Income from pension fund u/s 10(23AAB) - CIT(A) admitted the fresh claim - Claim of exemption when the income is taxable u/s 44 - If the assessee failed to revise its...

4. The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

5. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

6. Exemption u/s 11 - Admittedly, the claim of exemption was made in the revised return filed within the statutory time limit but was treated as defective only on flimsy...

7. 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...

8. 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...

9. 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)...

10. Filing of revised return - time limit for filing of revised return - Rule 7B of Service Tax Rules-1994 - the revenue authorities have failed to consider the aspect of...

11. Section 264 empowers Commissioner to revise assessment order to provide relief to assessee in cases of over-assessment, even if assessee did not file revised return....

12. 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...

13. Filing of revised return - denial of loss - Considering the revised return date as belated return, whereas original ITR was filed in time - the intimation under...

14. Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

15. 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...