Law:

Section:

Section 153(1)(c), read with section 139(4), of the Income-tax Act, 1961 - Assessment - Time limit for completion of - For assessment year 1978-79, accounting period of which ended on 31-3-1978, assessee filed his return under section 139(4) on 22-3-1979 - Subsequently, assessee filed another return on 11-3-1981 purporting it to be a revised return under section 139(5) - Whether assessment made on 23-11-1981, i.e., within one year of submission of revised return, was not barred since such revised return though not valid under section 139(5) could be treated as a valid substituted return under section 139(4) - Held, yes Facts For the assessment year 1978-79, the accounting year for which ended on 31-3-1978 the assessee filed his return under section 139(4) on 22-3-1979. Subsequently, the assessee filed another return on 11-3-1981 purporting it to be a revised return. The assessment order was passed on 23-11-1981, i.e., within one year from the date on which the revised return was filed. The assessee contended before the Tribunal that since the return under section 139(4) had been initially filed on 22-3-1979, the assessment order could have been passed within one year thereof and, therefore, the assessment was barred by time and invalid. The Tribunal held that the assessment was barred by time. On reference: Held Keeping in view the circumstances in which a voluntary return is filed under section 139(4) it seemed to be implicit in the very nature of things that subsequent return or returns under section 139(4) are permissible, provided they are filed within the period of limitation. Filing of a subsequent return or a revised return, as the case may be, stands on a different footing from a case where only an application is made for correction in the original return. In the latter case, the original return continues to be the valid return and is to be read subject to the corrections made, whereas in the case of a subsequent or a revised return being filed, the earlier return gets substituted by the subsequent or revised return and it is the subsequent or the revised return which has to be taken into consideration for purposes of assessment and computation of the…

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