Learned friends
I do agree with the view of bret lee. It is a very fundamental principle that only true income should be assessed. There is a board circular since 1955 emphasizing this aspect and cautioning the assessing authoirities not to take disadvantage of assessee's mistakes. However, the fact is that in assessment proceedings, the A.O. is always reluctant to give such deductions in absence of revised return in view of Apex Court judgment in case of Goetz India (284 ITR ). There are decisions saying that the said Apex Court judgment only applies to powers of the A.O. and not of the appellate authorities. Is there any other subsequent judgment on the basis of which the A. O. can allow such relief without assessee revising the return? If there, kindly let us know.
I do agree with the view of bret lee. It is a very fundamental principle that only true income should be assessed. There is a board circular since 1955 emphasizing this aspect and cautioning the assessing authoirities not to take disadvantage of assessee's mistakes. However, the fact is that in assessment proceedings, the A.O. is always reluctant to give such deductions in absence of revised return in view of Apex Court judgment in case of Goetz India (284 ITR ). There are decisions saying that the said Apex Court judgment only applies to powers of the A.O. and not of the appellate authorities. Is there any other subsequent judgment on the basis of which the A. O. can allow such relief without assessee revising the return? If there, kindly let us know.