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Showing contexts for: revised return when valid in Assistant Commissioner Of Income Tax ... vs Shri C J Vishwanath , Chikkamagaluru on 16 August, 2022Matching Fragments
Sri C.J.Viswanath.
noted herein that, in the presence of original return filed in time, the assessee is rightfully entitled to file a revised return of income by the end of the succeeding financial year. As such the return of income filed by the assessee on 29.10.2014, enhancing his agricultural income is considered as a valid revised return against which notice u/s 143(2) can be issued upto 30.09.2015. The same has however, been issued on 30.10.2014 itself and served on the assessee on 03.11.2014, which is well within the period of limitation and hence VALID.
4. The Hon'ble ITAT has also failed to appreciate the fact that the notice u/s 143(2) has been issued against the return filed on 29.10.201~and not against the return filed on 30.09.2013.
5. It is pertinent to bring on record herein, that a valid revised return of income has been filed by the assessee on 29.10.2014, whereby the assessee has claimed agricultural income to the sum of Rs.40,26,700/- which was erstwhile not claimed by the assessee in his original return of income. The enhanced agricultural income claimed by the assessee in his revised return of income has been allowed and the same was also accepted by the assessee and so the same holds good for issuance of notice u/s 143(2) too which is not considered by CIT(A). The honorable ITAT has also failed to take note of this very vital and relevant issue on hand."