Claims only through revision of return?
Ritika Pundir
(Querist) 02 March 2016
This query is : Resolved
Capital gains accrued to the assesse against which exemption was claimed u/s 54. Inadvertently the CG schedule was not filed in the return as there was no tax effect. Is it necessary to file a revised return? Can the AO deny claim of exemption on grounds that the schedule was not filed or a revised return was not filed? Refering to the decision of the Supreme Court in Goetze India Ltd., please guide. Also, can anyone provide a copy of the high court/ tribunal's order of this case?
Rgds,
CA Ritika Pundir
P. Venu
(Expert) 03 March 2016
The Supreme Court decision could be accessed at judis.nic.in or indiankanoon.org.
Rajendra K Goyal
(Expert) 03 March 2016
You can get the Supreme Court decision from judis.nic.in or indiankanoon.org.
BAALASUBRAMANNYAMM
(Expert) 03 March 2016
Why, you are un-necessarily giving a chance to AO in respect of filing CG Schedule. Better to file a Revised Return with CG Schedule, because it is an evident to get exemption from Capital Gains. Even the Supreme Court, would not say"not to file CG schedule in case of exemption"
Ritika Pundir
(Querist) 03 March 2016
Respected sirs, thank you for the replies. My return cannot be revised as the time limit for revision lapsed. The AO is adamant that since the schedule was not filed, claim is not admisible citing the above case law of Goetze which mandates revision of return for a claim to be admissible before an AO. I already have the Supreme Courts judgement with me. But surprisingly, I do not have its high court/ itat judgement. I have tried my level best, but been unable to find background of this case. What I believe it that in goetze there were no assessment proceedings, but a plain application filed by the assessed was rejected on grounds that return should have been revised for a claim.
Our stance is since all evidence is on record, mere no filing of a schedule cannot lead to rejection of a legitimate claim during assessment proceedings. But as Goetze clearly goes against me, request you to pls aid in case you know the background of this case.
