10 June 2010
I have filing ITR-2 instead of ITR-1 as my income was from 1) Salary 2) Loss on HP (no carried forward loss) 3) other income . Will there be any problem for that or should I revised the return with ITR-1
10 June 2010
Since the return of income in ITR-2 is ,in substance and effect,filed according to the intent and purpose of the Act, it cannot be treated as an invalid return. For further details pl refer section 292B of the Income tax Act,1961.
10 June 2010
Ramesh Krishnan Ji A return in an inapplicable form doesnot render the same as invalid. Citations:- 1)Dhampur Sugar Mills Ltd Vs. CIT (1973) 90 ITR 236(All). 2)CIT Vs. Royal Textiles 120 ITR 506(Mad).
Coming to section 292B ,the Mumbai ITAT has examined the rationale behind the section. They said, substance over form is the idea behind the section. If the substance is O.K, form has no relavance.
So let me conclude that my understanding on the issue is correct and my earlier answer needs no correction.
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