23 May 2012
Belated return cannot be revised in any circumstances. Where a belated return is filed u/s 139(4), no revised return u/s 139(5) can be filed as was held in Jagdish Chandra Sinha v. CIT 220 ITR 67 (SC).
23 May 2012
THERE ARE TWO SPECIFIC FACT WE NEED TO CONSIDER. THE FIRST ONE IS WHY A RETURN NEED TO BE REVISED. THE ANSWER IS VERY SPECIFIC THAT IF THE DECLARATION, OMMISSION OR STATEMENTS IN THE RETURN ARE NOT DELIBERATELY OR KNOWING TO BE FALSE AT THE TIME OF FILING OF RETURN THEN ONLY RETURN CAN BE REVISED. ALSO THE ORIGINAL RETURN IS REQUIRED TO BE FILED WITHIN DUE DATE U/S 139(1) OR PURSUANCE OF A NOTICE U/S 142(1).
THE SECOND PART IS THE TIME LIMIT THAT IS BEFORE EXPIRY OF 1 YR FROM RELEVANT AY OR BEFORE COMPLETION OF ASSESSMENT.
ACCORDINGLY IF THE STATEMENT OR OMMISSION OR DECLARATION HAS GOT PLACE DUE TO RETROSPECTIVE CHANGE IN THE ACT AND THE TIME LIMIT HAS NOT BEEN EXPIRED THEN YOU MAY REVISE THE RETURN.
REFER CASE LAW CIT V PERIYAR DISTRICT COOPERATIVE MILK PRODUCERS UNION LTD. (2004) 266 ITR 705 (MAD.)
24 May 2012
If the revision is due to retrospective amendment in the Act, then it will be case for seeking rectification of mistake apparent from record.
A rectification application u/s 154 shall be filed. provided the time period for making the application has not expired.
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