Law:

Section:

Section 153(1), read with section 139(5), of the Income-tax act, 1961 - Whether a return filed under section 139(4) has to be treated as a return under section 139(1) or (2) and, therefore, assessee can file a revised return under section 139(5) even where original return is filed under section 139(4) - Held, yes - Whether in such a case period oflimitation for assessment applicable in case of revised return as laid down in section 153(1)( c) will apply - Held, yes - Whether where concealment of income is found in original return on basis of income returned in revised return under section 139(5), section 153(1)(b) will also apply extending the period of limitation to eight years - Held, yes Facts The assessee-firm filed a return for the assessment year 1964-65 on 14-12-1964 showing an income of Rs. 26,593 in response to a notice under section 139(2). On 5-10-1968 it filed a revised return showing an income of Rs. 27,900 and the assessment was completed on 22-9-1969. Before the AAC, it was contended by the assessee (i) that the return filed on 14-12-1964, having been filed beyond the time permitted under section 139(2), could only be treated as the return under section 139(4); (ii) that the second return filed on 5-10-1968 could not be considered as a return under section 139(5) since section 139(5) was applicable only when the original return was filed within the time allowed under section 139(1) or (2); and ( iii) that the assessment made on 22-9-1969 was. therefore, barred by limitation under section 153(1)(a) and 153(1)(b). The AAC rejected the assessee's contentions and held that the assessment was not time-barred. The Tribunal confirmed the AAC's order. On reference: Held Sub-section (4) of section 139 is not an independent provision by itself and cannot be taken to have an existence separate from sub-sections (1) and (2) . From the language of section 139(4) , it is clear that it does not apply to any category other than those falling within sub-sections ( 1) and ( 2). It applies to a case when an assessee has not furnished a return within the time allowed under subsection (1) or (2) '. The return under section 139(4) really takes the character of a…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492