Filing of revised return is not required to correct the error of quoting wrong section in ITR in respect of deduction claim.
Income-tax Officer, International Taxation Word 3(1)(1) v. Armine Hamied Khan – [2022] 142 taxmann.com 14 (Mumbai-Trib.).
Sec. 37(1) – Notice was issued in SLP filed against HC order that where assessee company had claimed certain amount of business expenditure u/s 37(1) during original assessment proceedings during scrutiny assessment had filed revised computation of income claiming further losses, since assessee had not claimed any additional deductions or exemptions or made a fresh claim, such claim of expenditure made through revised computation should be considered by Assessing Officer on merit.
Commissioner of Income-tax v. Perlo Telecommunication and Electronic Components India (P) Ltd. – [2022] 141 taxmann.com 388 (SC).
Reassessment notice issued for wrong AY cannot be corrected by issuing letter of corrigendum.
Infineon Technologies AG v. DCIT – [2022] 141 taxmann.com 288 (Karnataka).
Merely because liability was barred by time, it did not cease to be a debt and, thus where assessee had many creditors whose payments were outstanding for more than three years and some transactions were eight to nine years old, AO erred in treating amount due to creditors as assessee’s income and making addition u/s 41(1).
Principal Commissioner of Income-tax v. Batliboi Environmental Engineering Ltd. – [2022] 141 taxmann.com 245 (Bombay).