which was
claimed otherwise than by way of filing of valid revised return of income.
3. We have heard rival submissions. We find that ... assessee could not
claim the same by way of a valid revised return, the same was sought to
be disallowed by the lower authorities
file revised return for the same, the Assessing Officer
has got no power to entertain any claim otherwise than filing a revised return as
decided ... entertain the aforesaid two claims for the reason that a valid revised return of income
u/s.139(5) of the Act had not been
return of income cannot be entertained otherwise than by
filing a valid revised return.
4. The appeal filed by the Department, involving similar question ... made in the original return filed cannot be entertained
unless a valid revised return is filed. Thus, filing a return along with Form
assessee made such claim in his return nor filed
any valid revised return. Secondly, on the ground that transaction of
purchase of the agriculture land ... observed that simply because
the assessee has not filed a valid revised return, that would not be a
ground for rejection of such claim
2009 the assessee raised a claim (via filing time-barred revised
return) that the paintings must be deemed to be the 'personal effects ... entertained by the CIT(A) in the absence of a valid
revised return.
m) The year-wise position of number of paintings sold and alleged
2011, but the revised was filed on
28/09/2011, thus, it was not a valid revised return and
therefore claim of deduction ... which the claim for hundred percent deduction
was made, is not valid revised return. On this issue learned
Commissioner of Income-tax (Appeals) after considering
Fashionways (supra),it was held that where the
assessee filed a revised return prior to the completion of the
assessment wherein he corrected the earlier ... pursuance to notices u/s 148 were legal and valid revised returns u/s
139(5) of the Act. Therefore , the above decision
because in the original return, the assessee had claimed bogus
expenditure and therefore, the revised return cannot be considered as
valid return ... revised return was not a valid
return u/s 139(5) , as there was no omission or wrong statement in
the original return
which
were not accepted by AO, as this is not a valid revised return. Thereafter
assessee requested AO to consider the same under section
revised return - Not a bar to
initiation of penalty proceedings - Finding by Tribunal that revised return
was not bona fide- Imposition of penalty - valid - Income ... found that the assessee in these case has not
filed valid revised return as envisaged under section 139(5) nor could it
establish its bonafide
