Case Law Details
Equity Intelligence India Pvt Ltd Vs PCIT (Kerala High Court)
The Kerala High Court has recently ruled on a significant case involving Equity Intelligence India Pvt Ltd and the Principal Commissioner of Income Tax (PCIT). The case revolves around the appellant’s attempt to revise tax assessments from previous years, highlighting the court’s stance on the permissible limits of delay in approaching the revision authority under the Income Tax Act. This judgment is crucial for understanding the judicial interpretation of delay condonation and its implications on tax assessments.
Background of the Case
Equity Intelligence India Pvt Ltd, a SEBI-registered portfolio manager, filed writ appeals against the rejection of their revision petitions by the Commissioner of Income Tax. These petitions sought to revise the assessments for the fiscal years 2007-2008 and 2009-2010, where the appellant had declared capital losses from the sale of shares. Initially, the Department had accepted these returns under Section 143(1) of the Income Tax Act. However, inconsistencies arose when profits from the sale of shares in subsequent years were treated as business income.
Inconsistent Taxation Stance
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