30 August 2016
Revised Return under section 139(5) can be filed at any time before the expiry of one year from the end of relevant assessment year or before completion of assessment, whichever is earlier. Meaning of Assessment- Assessment refer to the assessment made under section 143(3) or 144. An intimation served to the assessee under section 143(1) will not constitute an assessment. consequently, if an assessee files a revised return after the service of an intimation under section 143(1) (But before time given above) it will be duly consider by the A.O Case Laws: S.R Koshti v. CIT (2005) 146 Taxman 335(Guj.) CIT v. Rajesh Jhaveri stock Brockers P.Ltd. (2007) 161 Taxman 316 (SC) Tarsen Kumar v. ITO (2013) 214 Taxman 70 (Punj. & Har.) Tata Metaliks Ltd. v. CIT (2015) 231 Taxman 655 (Cal.) So, You can not revise your return because time limit of 1 year from the end of relevant A.Y (that is 31st March 2016) is over. Thanks
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