Law:

Section:

Section 139(5) of the Income-tax Act, 1961 - Return of income - Revised return - Assessment years 1986-87 to 1988-89 It is a well-settled principle that when an assessee files any return or revised return, he/she is always entitled in law to show that return is filed by bona fide mistake; it therefore, in principle, cannot be argued that assessee cannot retract from returns or revised returns filed, for valid reason in law [In favour of assessee] It is a well-settled principle that when an assessee files any return or revised return, he/she is always entitled in law to show that the return is filed by bona fide mistake. It therefore, in principle, could not be argued that the assessee cannot retract from the returns or revised returns filed for the valid reason in law where the Tribunal had found that the income reflected in the revised returns of the assessee pertained to certain other entities. The assessee can retract from the revised return filed by him. M.V. Seshachala for the Appellant. D.L.N. Rao and Smt. S.R. Anuradha for the Respondent. JUDGMENT K. Sreedhar Rao, J. - These three appeals and the cross-objection pertain to the same parties, involving similar questions of fact and law. 2. Hence, we consider them together, hear the parties and pass a common order. 3. The material facts of the case disclose that one K. Venkatesh Dutt-assessee (cross-objector) had filed returns for the assessment years 1986-87, 1987-88 and 1988-89. Intelligence Wing conducted raid and on search of the premises of the same, some incriminating documents were seized. The assessee filed a revised return for the assessment year 1986-87 showing his income as Rs. 62,00,000 as against Rs. 30,00,000 as mentioned in the earlier returns. The assessee had claimed certain deductions. The assessing authority (A.O.) called upon the assessee to produce necessary documents to justify the deductions claimed. Documents were not produced by the assessee. The assessing authority assessed the income of the assessee at Rs. 1,03,00,000 for the year 1986-87. The assessee filed an appeal to the Commissioner of Income-tax (CIT). The appellate authority set aside the order of the Assessing Officer and…

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