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Showing contexts for: revised return when valid in M/S Khandelwal Rubber Products P Ltd. ... vs The Commissioner Of Income Tax on 3 May, 2024Matching Fragments
4. Submission of learned counsel for assessee is, the original intimation issued under Section 143(1)(a) dated 28.02.1996 stood washed out and no legal effect may have been caused occasioned by any declaration made by the assessee in his original return dated 30.11.1995, for reason of revised return dated 06.09.1996 filed by the assessee upon the proceeding being remitted to the Assessing Authority by the Commissioner of Income Tax (Appeals) vide his order dated 16.07.1996.
5. In any case, the revised return was taken up in scrutiny assessment proceeding under Section 143(3) of the Act and regular assessment order was passed on 06.03.1998. According to that order, the petitioner was assessed at loss Rs.5,25,390/-. Once assessment proceeding had thus concluded, there neither survived the original intimation issued under Section 143(1)(a) of the Act dated 28.02.1996 nor there survived legal basis to invoke the provision of Section 143(1A) of the Act. In fact, a valid revised return was filed within time. That itself eclipsed the power of the Assessing Authority under Section 143(1A) of the Act.