sec 36(1) viiii

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sanjay jaju (Querist)
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19 March 2009 a cooperative bank filed return of fy 2007-08 without claiming deduction of sec 36(1) viii. now it wants to claim the same by filing revised return and creating special reserve a/c as on 1-4-2008. will it be ok

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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20 March 2009 If an assessee discovers any omission or wrong statement (bonafide in nature) in return originally filed, he can revise his return u/s 139(5).
Conditions to file a revised return
1. Only return filed u/s 139(1) or in pursuance of a notice u/s 142(1) can be revised.
2. Revised return can be filed only if the assessee discovers any omission or wrong statement in return originally filed. In other words, an assessee cannot revise a return if the omission or error in the original return was pre-known to him.
Time limit: Assessee may file the revised return -
• within one year from the end of relevant assessment year; or
• before completion of regular assessment,
- whichever is earlier.

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