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Showing contexts for: revised return when valid in Rama Kant Saboo,Jaipur vs Acit Circle 7, Baba Siddhanatha Bhawan on 28 October, 2025Matching Fragments
2. Revised Return Filed in Good Faith The appellant filed a revised return under Section 139(5) immediately after realizing that the exchange loss had been inadvertently omitted in the original return. The statutory right to revise is intended precisely to rectify such omissions and ensure accurate computation of income. The Revenue cannot disregard a claim made through a valid revised return merely on procedural grounds. The CBDT'sCircular No. 14 (XL-35), dated 11.04.1955, also directs that the officers of the Department should assist taxpayers in securing lawful reliefs, even if not claimed initially.