Law:

Section:

Section 140 of the Income-tax Act, 1961 - Return of income - By whom to be signed - Assessment years 2000-01 to 2002-03 - Whether a return of income is required to be signed mandatorily by managing director of company and in his absence, due to certain reasons, by any director thereof - Held, yes - Whether a return of income which is signed and verified by a person other than one authorized under Act, shall be treated to be defective which would be amenable to provisions of sections 292B and 139(9) and assessing authority, in such circumstances, shall provide an opportunity to assessee to rectify that defect under section 139(9) before treating same to be invalid and non est - Held, yes Section 239 of the Income-tax Act, 1961 - Refund - Limitation - Assessment years 2000-01 to 2002-03 - Assessee-company filed its returns claiming refund of certain amount - Assessing Officer allowed refund - However, subsequently, by invoking section 154, he withdrew refund allowed, on ground that returns filed by assessee had not been signed by authorised person under Act, and, thus, were non est returns in law - On appeal, Commissioner (Appeals) reversed said order holding that if returns were not signed by person mentioned in section 140, it was only a curable defect - In order to give effect to appellate order, Assessing Officer considered matter afresh and refused to entertain claim for refund made by assessee on ground that same was beyond permissible time fixed under Act - Whether Assessing Officer having failed to raise any issue with regard to plea of section 239 at appropriate stage, could raise that issue while giving effect to order of Commissioner (Appeals) - Held, no - Whether therefore, Assessing Officer was to be directed to refund amount to assessee - Held, yes Words and phrases - 'shall' as occurring in section 140(c) of the Income-tax Act, 1961 FACTS The assessee-company filed its returns for the relevant assessment years claiming refund of certain sum. The verification of the returns was signed by one 'K' who was neither the managing director nor the director of the assessee. The Assessing Officer, after processing the returns under section 143(1), computed…

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