revised return at any time before the expiry
of the period prescribed therein. In the present case, there is no controversy that
the revised return ... revised and re-revised within
time on retraction of agreement by the Department. It is trite law that once a valid revised
return is filed
revised financial statements filed beyond the
time limit. The Assessing Officer rejected the explanation, holding
that the original audited financial statements filed with the return ... Companies could not be disregarded, that
revised statements filed beyond time without a valid revised
return were not acceptable in view of Goetze (India
omission and
files a revised return within time, the revised return
substitutes the original and becomes the return ... such a revised return is filed
within the prescribed time, it substitutes the original return
and assumes the position of the operative return
income but since, this request of the assessee
was without filing valid revised return of income, the AO did not accept it by
following
Held that
once a revised return u/s 139(5) filed, the original return
is substituted by the revised return. Consequently, the
entries ... valid revised return is filed by the assessee, it
completely effaces and obliterates the original return and
therefore, it is only the revised return that
submitted that the disclosure made by the assessee in the revised return
only because of the material and documents found during the survey and statement ... made by the AO in the return of income. When a
valid revised return of income was filed and accepted by the AO then
filed a revised
return on 04.06.2008 which itself is not a valid revised return as the
original return was not filed within the time limit ... discussions, we hold that the assessee's
revised return stood duly accepted as a 'valid' return and the assessment
was completed (supra
appellate authority,
challenging the non acceptance of its 'revised return' as a valid return u/s. 139(5) of the
Act, claiming that ... found distinguishable, as the claim
had been withdrawn by filing a valid revised return, which was not the case in the instant
return filed in response to a
notice u/s 148 and revised return filed u/s 139(5) . In the case of return filed ... original return and for all legal and procedural
purposes, the original return cease to exist on filing of a valid revised return.
Therefore, the decision
same has been
rectified by filing a revised return which is considered valid u/s
139(5) . It is important to appreciate here the state ... Since there is no difference between assessed income
and valid revised return filed by the assessee, there is no case for
imposition of penalty
