Section 54 Deduction Allowed Even If Original Return Was Not Filed: ITAT Mumbai

Sanjay Gopaldas Bajaj Vs ITO (ITAT Mumbai) Section 54 Deduction Allowed in Reassessment Despite No Original Return: ITAT Mumbai Applies Correct Reading of Sun Engineering The Mumbai ITAT (“F” Bench) partly allowed the appeal of the assessee for AY 2015-16 and held that deduction under section 54 cannot be denied merely because no original return was filed under section 139(1), where the claim is made in a return filed in response to notice under section 148 and is directly relatable to the escaped income. In this case, reassessment was initiated on account of long-term capital gains arisin...