ITAT Mumbai: Revised Computation Without Revised Return Allowed to Correct Slump Sale Capital Gains Error

ACIT Vs Valvaya Capital Private Limited (ITAT Mumbai) The ITAT Mumbai upheld that a revised computation of income can be accepted during assessment proceedings to correct a genuine mistake, even without filing a revised return. In this case, the assessee had inadvertently omitted capital work-in-progress (₹5.70 crore) while computing capital gains under Section 50B (slump sale) in the original return. A revised computation was later filed during assessment to rectify the error. The Tribunal observed: The revised computation was not a fresh claim, but merely a correction of an existing compu...