Dear Experts,
Can Revised Return be filed in the following situation?
1) Assessee company filed the returns u/s 139(1) with in the due date prescribed.
2) For the AY 2009-10 Income Tax Return came for assessment and subsequently went to CIT Appeals
3) In the CIT appeals, increase in the Fund(liability) treated as Income.
4) Since AO and Commissioner treated this increase in fund account as Income the assessee company would like to revise the returns for the subsequent AYs 2010-11 and 2011-12 and claim the decrease in fund balance as an expenditure as fund balance came down to zero.
5) Due date for the AY 2010-11 (ie., 31st march 2012) is already over can Assessee company revise returns for the AY 2010-11?
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