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The Tax Publishers2019 TaxPub(DT) 8162 (Pune-Trib) INCOME TAX ACT, 1961
Section 139(5)
Once revised return has been filed by assessee under section 139(5) and the same has been accepted, then it is not open to the authorities to take into consideration the original return of income for determining total income in assessment proceedings. Accordingly, the AO was directed to consider the revised return filed by assessee for determining the total income.
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Return - Revised return - AO proceeding to frame assessment on the basis of original return -
Assessee revised original return of income by revising total income declaring therein. The reason for revising the return was stated to be considering wrong figure of sales for computing of business profit. AO asked the assessee to substantiate the revised sales figure, to which the assessee submitted details and also produced sales bills of one month for random checking. However, AO was of the view that assessee could not justify the revised return by adopting revised sales. He therefore rejected the sales figure disclosed in revised return and considering the return of income originally filed, determined the total taxable income. Held: It was not disputed that revised return of income filed by assessee was within the prescribed time limit. It was also not disputed that such revised return was duly processed under section 143(1). Once revised return has been filed by assessee under section 139(5) and the same has been accepted, then it is not open to the authorities to take into consideration the original return of income for determining total income in assessment proceedings. Accordingly, the AO was directed to consider the revised return filed by assessee for determining the total income.
Followed:CIT v. Arun Textile 'C' (1991) 192 ITR 700 (Guj): 1991 TaxPub(DT) 1468 (Guj-HC), CIT v. Mangalore Chemicals & Fertilizers Ltd. (1991) 191 ITR 156 (Kar): 1991 TaxPub(DT) 1109 (Karn-HC), Beco Engineering Co. Ltd. v. CIT (1984) 148 ITR 478 (P&H): 1984 TaxPub(DT) 1162 (P&H-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2015-16
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