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Showing contexts for: revised return when valid in Dcit, Cir-4(1), Kolkata, Kolkata vs M/S Goodricks Group Ltd., Kolkata on 31 August, 2017Matching Fragments
31. Both the aforesaid grounds are in relation to action of CIT(A) in allowing long term capital loss and in deleting the loss incurred in production of instant tea as part of the composite income before applying Rule 8 of the Rules. These claims had been made by the assesse before the AO without filing the revised return. The AO refused to entertain the aforesaid two claims for the reason that a valid revised return of income u/s.139(5) of the Act had not been filed making such a claim before the AO. According to the AO in the light of the decision of the Hon'ble Supreme Court in the M/s. Goodricke Group Ltd.