Income Declared in Original Return Cannot Be Reduced in Section 148 Return: ITAT Hyderabad

Katragadda Ramesh Vs ACIT (ITAT Hyderabad) Hyderabad ITAT: Assessee Cannot Reduce Income in Section 148 Return by Correcting Alleged Mistakes in Original Return The Hyderabad ITAT dismissed the assessee’s appeal and upheld the addition after holding that reassessment proceedings under Sections 147/148 cannot be used to reduce income voluntarily disclosed in the original return by claiming an inadvertent mistake. The assessee had originally disclosed rental income from five properties in the return filed under Section 139(1) but, in response to a notice under Section 148 issued after a search...