2020 (1) TMI 837 - SCH - Income Tax

Revised return filed - audit report u/s 44AB - HELD THAT - In light of the decision of the High Court of Himachal Pradesh, Shimla 1997 (5) TMI 24 - HIMACHAL PRADESH HIGH COURT pertaining to assessment year 1988-1989 dated 05.05.1997,it must necessarily follow that the revised return dated 10.02.1994 filed by the appellant-assessee for the concerned assessment year 1988-1989 accompanied by audited accounts and the audit report under Section 44AB of the Income Tax Act ought to proceed further and be taken to its logical end by the Assessing Officer expeditiously. We direct accordingly. Besides this, nothing more is required to be said in this appeal except to reiterate that the assessment be proceeded on its own merits in accordance with law, including to consider all just exceptions available to the assessee.

Summary

The Supreme Court directed the Assessing Officer to proceed with the revised return filed by the appellant-assessee for assessment year 1988-1989, accompanied by audited accounts and audit report under Section 44AB of the Income Tax Act. The assessment should be done on its own merits in accordance with the law. The appeal is disposed of, and pending applications are also disposed of.