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Whether second revised return is valid:

5. Section 139(5) permits furnishing of revised return within the relevant assessment year or before the completion of the assessment whichever is earlier provided he has furnished a return either under section 139(1) or in pursuance of the notice issued under section 142(1). In the present case, the assessee had filed return under section 139(1). Therefore, he is eligible to file a revised return under sub-section (5) within or before the end of the relevant assessment year or before the completion of the assessment whichever is earlier.

5.1 In this case the intimation under section 143(1)(a) was issued on 19-9-1990, namely long before the end of the assessment year supposed to expire on 31-3-1991. This intimation cannot be treated to be an assessment contemplated under sub-section (5) for the purpose of limitation for filing revised return. This is clear from the provisions contained in section 143(1B) which permits furnishing of revised return under subsection(5)of section 139 after the issue of an intimation under section 143(1) or under sub-sections (1) and (1A). Therefore, the provision of sub-section (1B) of section 143 clearly indicates that an intimation is not an assessment within the meaning of sub-section (5) of section 139. Therefore, the second revised return filed after the intimation is a valid return.