Case Law Details
Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi)
In our considered opinion, the Assessing Officer has rightly invoked section 154 because the assessee wanted to take benefit of the notification issued by the CBDT. In the present case, as per judicial precedents, the HUF itself cannot become a partner in the partnership firm and as such the HUF can also not be a working partner in partnership firm as defined u/s. 40(b) Expln. 4 of the IT Act. The due date of filing of IT return will be 31stJuly and in the given case, the assessee has filed his return on 01.10.2010 which has been later on revised and claimed deduction u/s. 80C of Rs. 1 lakh which was accepted by the Assessing Officer in the original assessment proceedings. The return cannot be revised because the assessee had filed belated return.
FULL TEXT OF THE ITAT JUDGMENT
This is an appeal filed by the assessee against the order of ld. CIT(A)-16, New Delhi dated 27.07.2015 for the assessment year 2010-11 on the following grounds :
1. That there is no mistake apparent from record capable of being rectified u/s 154 of the Act in this case and as such too the disallowance as made in the order under appeal is unlawful.
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