Delay In Approaching Revision Authority Under Income Tax Act Can't Be Condoned: Kerala High Court
The Kerala High Court has dismissed an appeal filed by Equity Intelligence India Pvt. Ltd. (Equity Intelligence) challenging an order of the Income Tax Department that assessed its profits from the sale of shares as business income. Background Equity Intelligence, a SEBI-registered Portfolio Manager, had filed income tax returns for various assessment years, declaring profits from the sale of shares as capital gains. The Income Tax Department accepted these returns…
