Sir but some experts are saying like no problem with revising the return once they have processed. They have done it seems and nothing has happend it seems. But I am confusion sir, I already revised the return. And assessee is having only Interest Income and nothing else. Refund amount is 25k sir. What to do sir? Please help me
You have mistaken piyush, and u r not alone...even courts have given erroneous judgments. ppl are failing to pay due heed to the core meaning of s. 143 after processing of return u/s 143(1) you are bound to give true and complete details of ur income and its ur duty to apply before ur AO to rectify the assessment and recompute the true total income and tax thereon.
Sir agreed that it is our responsibility to give true and complete details. But to err is human. Income tax has put provisions for considering return has defective if value varies by 20% but still there is a genuine hardship caused to assessee like in this case.