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
return which partakes the character
of the original return. Since the original return is substituted by the
revised return, only the revised return ... revised return can be filed under section
139(5) correcting omission and wrong statement made in the first
revised return, for the first revised return
Whether revised return filed, rectified such inaccurate
particulars of income, if any.
(3) Whether the revised return filed can be treated as a valid
return ... question gets related to the original return filed and
therefore whether the revised return filed was a valid return or not,
the issue of penalty
inaccurate,
the liability would arise........"
11. In this case, the revised return filed on 13.3.2006 has no doubt been filed
within the period prescribed ... present case, where the assessee is found to have furnished a valid
revised return under section 139(5) and income in such return has been
revised
return, and that unless a claim is made in a valid revised return, the assessee
cannot make claim for exemption. She also elaborately addresses
Fertilizers (supra) it has been held that
once revised return is filed then original return effaced for all purposes
under Income-tax Act . In Goetze ... held that if
claim is not made in a valid revised return then there is no power on the
AO to entertain the claim
that there can be no dispute that everything would depend upon the return filed
because that is the only document, where the assessee can furnish ... surrendered by the assessee by filing a valid revised
return and proved its bona fide. In the light of above discussion, it was not found
initiating the action under
Section 147 of the Act when valid revised return filed
was pending for assessment as on the date of issue
details of the claim made. Where no information given in
the return is found to be incorrect or inaccurate, the assessee cannot be held guilty ... claim made in the return cannot amount to furnishing inaccurate
particulars."
5. Thus, the return of income or validly revised return is the basis
liable
for tax. Once the assessee voluntarily filed return of income and not filed
any revised return against excluding the income declared by the assessee ... claim
of the assessee by the assessing officer without a valid revised return.
5. It may be pertinent to note that the judgment
