concluding that
(i) the revised return filed by the appellant is an invalid return;
(ii) loss as per the revised return cannot be carried forward ... time limit prescribed and
subsequently, files the revised return then the revised return is
treated as valid return. In the present case, as the assessee
that the revised return is time barred. Law is very clear on
this issue that a revised return has to be a valid revised return ... revised return u/s. 139(5) of the Act. The Hon'ble High Court held that
such revised return was not a valid return
lakhs or more for three AYs; (iii) Assessee filed the
returns/revised returns validly complying with the admission made during the
survey action; (iv) assessee ... claim made in the return cannot amount to furnishing inaccurate
particulars. "
Thus, the return of income or valid revised return is the basis
Officer based on first Revised Return of
Income dated 04/05/2010, and did not consider the subsequent revised
returns. According to the learned Assessing ... revised return of income,
certain wrongly declared income was withdrawn, revised return being a
valid return under section
file a revised return and say that the revised return has
substituted the original return and, therefore, the pending
scrutiny assessment proceedings initiated ... revised return. The assessee has also given his Explanation for filing the
said revised return. In fact, after the said revised return was filed, notice
return was not a valid return and
rejected the contention of the assessee that since
particulars of depreciation were not given in the revised
return ... original return the assessee would not
be able to withdraw his claim for depreciation as in that
case revised return would not be valid within
would be the revised return which has got to be seen for penalty purposes and once the revised return discloses the true income, the question ... revised return is as good as any other return under Section 139 , and for purposes of penalty take the view that a revised return validly
return filed on October 5, 1968, could not revise such a return, as a revised return is contemplated only in cases where a return ... return under s. 139(2) . If so much is granted, then the return under s. 139(5) would be a valid revised return
Tribunal is right in law while holding that when once a valid revised return was filed by the assessee, it completely effaces and obliterates ... when the revised return was a valid return, the Income-tax Officer could not have referred to the withdrawn original return. That
revised return filed in pursuance of a notice under Section 148 was immaterial. The relevant return was the original return and if that return ... return amends the original return. The original return stands amended or revised and in such circumstances the revised return is the only validly existing return
