ITAT Mumbai: Sec 54 Claim Cannot Be Denied Merely for No Original Return-Allowed in Reassessment

Mohd Azam Hasan Sheikh Vs Ward 42(2)(4) (ITAT Mumbai) ITAT Mumbai: Sec 54 Claim Cannot Be Denied Merely for No Original Return-Allowed in Reassessment The Mumbai ITAT held that deduction under Section 54 cannot be denied merely because the assessee failed to file the original return under Section 139(1), if the claim is made in a return filed in response to notice under Section 148 and relates to the escaped income. In this case, the assessee declared long-term capital gains in the return filed during reassessment proceedings and claimed exemption under Section 54 on reinvestment in a resident...