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Wealth-tax - Highlights / Catch Notes

Home Highlights January 2021 Year 2021 This

When the AO rejects the revised return then the whole return is ...

Wealth-tax

January 13, 2021

When the AO rejects the revised return then the whole return is invalid. In case AO makes addition from the revised return then it means that he recognizes the revised return. Therefore, we reject the contention of the tax authorities to treat the additional wealth declared in revised return as undisclosed wealth. The AO has to reconcile the jewellery found during the search with the return filed u/s 17 and not from the revised return. - AT

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