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Mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars
Case Law Details
- Case Name
- A.D.I.T. Vs. Fidelity Management & Research Co. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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It is observed that in the returns of income originally filed, both the assessees had declared the profit on sale of securities as capital gains. Subsequently, on the basis of the order passed by AAR in the case of XYZ/ ABC Equity Fund (250 ITR 194) and Fidelity Advisers Series VIII (271 ITR 1), the assessees felt that the said profits may constitute their business profits and as the assessees did not have any Permanent establishment in India, the same would not be taxable in India.
Accordingly, they filed revised returns claiming the income as exempt and appending a note explaining the reason...
