Whether revised return filed u/s. 139(5) of the Income Tax Act, 1961 not considered as return filed by the assessee under provisions of Section 139(1) of the IT Act, 1961

Last updated: 04 October 2022

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The Income Tax Appellate Tribunal (ITAT) Bangalore ruled that a revised return filed under Section 139(5) of the Income Tax Act, 1961, should still be considered as a return filed under Section 139(1) for the purpose of availing benefits like the lower tax rate under Section 115BAA. The tribunal found that the assessee had indeed filed its original return within the due date specified by Section 139(1), and the subsequent revised return did not negate this initial filing. Therefore, the assessee was entitled to the benefits of Section 115BAA.

Court :
ITAT Bangalore

Brief :
Since the CIT(A) has erred in holding that the assessee has not filed the return u/s 139(1) of the I.T. Act and denied the benefit u/s 115BAA of the I.T. Act, we reverse the decision of the CIT(A) on this point. Therefore, hold that the assessee is entitled to the benefit of section 115BAA of the I.T. Act. It is ordered accordingly.

Citation :
M/s. Ujjivan Small Finance Bank Limited Vs. The Assistant Director of Income-tax, CPC, Bengaluru. ITAT, Bangalore

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

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3 Years PLAN

4999

(Excl. of GST ₹899)

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FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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