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Showing contexts for: revised return when valid in Shree Laxmi Jewellery Ltd., Chennai vs Department Of Income Tax on 6 September, 2010Matching Fragments
5. We have examined the rival stands in the light of the obtaining facts of the case. A query was put to both ld.AR and ld.DR and it was ascertained that the assessee has been following the 'average cost method' for the last many assessment years and has followed the same method subsequently. The assessee has revised the return within the permitted time and thus, it is a valid return of income which has to be treated to have been filed for assessment year 2006-07. A valid revised return substitutes the original return of income. The original return was filed based on FIFO method. This has to be ignored and substituted by the valid revised return in terms of the express provisions of the Income-tax Act, 1961. Therefore, we do not find any infirmity in the finding of the ld. CIT(A) who has agreed with the submission of the assessee by accepting the revised return. We are in agreement with both ld.AR and the ld. CIT(A) and confirm the impugned deletion.