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2013 (2) TMI 260 - ITAT CUTTACKAcceptance of the loss in the revised returns u/s 139(5) – Change of status of assessee - Whether Order of CIT(A), was justified, where the assessee has to be assessed as Artificial Juridical Person when he accepted the revised return filed by the assessee including the brought forward losses as a local authority - Artificial Judicial Person (AJP) or A Local Authority – Change the status of the assessee - Exemption u/s 10(20A) - Held that:- No reason was assigned by the A.O. to correlate the discrepancies observed in the original and revised returns insofar as it was not the assessee's endeavour to explain the brought forward losses in the revised return. The CIT(A), confirming the status as assessed by the A.O. but not indicating as to how the brought forward losses could change the status of the assessee. Remand back to AO
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