queries are consonant with Accounting Standard-3 (Revised) issued by
ICA. In the Cash Flow Statement, dividend paid by the company was
shown under Operating ... wrong
statement in the original return, the assessee has filed the valid revised
return within the time limit. Out of the errors in the original
valid explanation
offered regarding the mistake made by it in not including the
aforementioned inter- state purchases in the revised returns
filed. Also, the authorities
made in the revised return.
The CIT (A) granted the relief to the assessee in the following terms:
"15.2 During the appellant proceedings ... processing/initiation of the return u/s 143 (1) does not effect
the validity of the revised return as the processing/preparing
intimation
submitted that the COA dated 09.07.2016 is
valid for five years. However, in view of the revised format for CoA
LPA 239/2018 Page ... valid for 2018-19 was issued on 07.09.2017
a copy of which was submitted to MCI. The college further contended the
CoA format was revised
that its claim is now barred, because the time period
for revising the returns (one year) has since passed. The pattern and structure ... revising returns is utterly frivolous and baseless. If such an argument were to
be countenanced, in every case, the assessee would have to revise
Page 2
Petitioner had initially filed a revised return cannot preclude the objection,
as the revised return was not acted upon. Counsel argued that ... ignorance of law by the earlier counsel could not
be a valid basis to reject a legitimate claim as there is no presumption that
everyone
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