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2013 (2) TMI 458 - AT - Income TaxValidity of revised return - Revenue contested that there was no omission or wrong statement in the original return which may be revised - Held that:- As in the original return, the assessee has shown the profit of Rs.9.73 crores from the sale of land. However, as per the decision of Hon’ble High Court dated 09.03.2009, the assessee was not entitled to any profit from the sale of land but it was entitled only to the expenditure to the extent of actual investment and the cost of litigation. Therefore, there was no profit from the sale of land and, to that extent, there was certainly an omission in the original return. Though the order of the High Court was subsequent to the end of the relevant previous year, but nevertheless, it has effected the transaction entered into during the previous year which was liable to be taxed in the assessment year under consideration. Since the assessment of the said year was still pending, the assessee was fully justified in revising its return in the light of the decision of Hon’ble Jurisdictional High Court. None of the decisions relied upon by the Revenue is applicable on the facts of the assessee’s case. Thus when the assessee was not entitled to sale proceed of land, obviously, tax cannot be levied on such receipt from the sale of land. CIT(A) was fully justified in directing the AO to consider the revised return furnished by the assessee - against revenue.
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