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
permitted to withdraw the revised
return. The ITAT rejected the plea of learned counsel for the Assessee that
the revised return filed on 30th March ... original return,
as a result of which the Assessee volunteered to file a revised return, and
with the revised return having been filed just before
assessing officer also observed that no valid revised return under section 139(5) of the Act could be filed in a case where the return ... much merit in the argument.
12. On the point of no valid revised return filed, we find that the authorities below omitted to take note
return filed within the time prescribed under section 139(4)(b)(iii) was a valid return as well as a valid revised return under section ... basis that the return filed on September 30, 1982, was a valid return though the Tribunal held that a revised return could be filed relying
held that the assessed had no right to revise its return and as such benefits of section 11 were not available. The result was denial ... directed to treat the revised return as valid for the purposes of assessment. In view of the ruling in the case of Harmanjit Trust
Union Of India Through The Secretary, ... vs Kamal Kishore Dhawan & Anr. on 18 April
returns, the original return held the field. The ITO did not even refer to the revised return. It was thus the original return ... judgments cited. It can also be argued that if the revised return was valid under s. 139(5) of the Act, it might take
filed a revised return. The ITO made an assessment treating the revised return filed on 28th March, 1966 as invalid as the return filed ... revised return was filed on 17-2-1981, i.e. before 31-3-1981. The second return was thus a revised return within the time
invalid return because s. 139(5) of the 1961 Act enabled the assessed to file a revised return only in cases where a return ... treated as a valid return, the return dated March 28, 1966, could not also be treated as a voluntary return under
return which he wished to set right by the second return and that, therefore, the second return should be treated as a valid return under ... revised return will govern but that the law on the date of the original return will be applicable where there is no proper revised return
