later, he revised the return
showing profit of Rs. 7,500. There is no finding that the revised return filed is a
valid revised return ... revised
return was not a valid revised return because, if the revised return is a valid
revised return, there cannot be any concealment
original
return is substituted by the revised return as a result of the amendments made in the
original return by the revised return ... according to the learned counsel, it was held that once a valid revised return is filed,
it cannot be open to the Assessing Officer
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 ... that if a revised return is filed u/s.139(5) and if such return is a valid
return then the assessment can be completed
were not taxable was made by the
Assessee by filing a valid revised return of income u/s.139(5) of the Income ... rightly held by the CIT(A) the said
revised return of income was valid u/s.139(5) of the Act and was acted upon
statute then original return would include revised
return of income. In the instant case, since only return of income has been stated in the
statute ... argued that the AO ought
to have taken cognizance of the valid revised return that was very much available before
him while framing assessment
Income Tax Act, 1961 in its return or by filing a valid revised return as held by the Hon'ble Supreme Court in Goetze ... available to Assessee is to file a revised return. This view taken by Assessing Authority was held valid.
19. In the present case, Assessee claimed
Later he filed a revised return of income on 27.12.2010 declaring revised
total income of Rs 10,15,47,560/-. The main sources of income ... valid revised return. A search
was conducted u/s 132 of the Act on 25.2.2009 and subsequent dates at the residence of
the assessee
Company Ltd.
revised return after complying with the provisions of Section 139(5) of the
Act up to 31.3.2007. The revised return filed ... assessee as a valid return and complete the assessment after
considering the revised return be a valid return. Thus ground No. 3 taken
filing on 23.12.2010 a revised return of income and a letter
dated 17.12.2010. We find that as the revised return of income filed ... return of income, except for on the basis of a valid
revised return of income, which we find in the case before us the
assessee
that the original return was filed on
29.11.2006,that the assessee could have filed revised return by 27.10.2007,that the revised
return filed ... copies of original return
as well as revised returns,and exact details of difference / reconciliation between the original
and revised return,that during assessment proceedings
