HC Directs CPC to Accept Manual ITR for Missed Capital Gains Deduction Due to Filing Error

Shyam Century Ferrous Ltd Vs ACIT (Meghalaya High Court) In a move providing relief to Shyam Century Ferrous Ltd., the Meghalaya High Court has directed the tax authorities to accept a manually filed revised income tax return from the company. The decision addresses a situation where the company had mistakenly omitted to claim a deduction for profits from the sale of investments in its original digital return for the Accounting Year 2020-21. Shyam Century Ferrous Ltd. initially filed its Income Tax Return on February 14, 2022, declaring a profit of Rs. 6,38,81,925/- from the sale of investment...