Belated Return - Section 139(4) - Income Tax - Ready Reckoner - Income Tax

Belated Return - Section 139(4) If return is not furnished within the time allowed under section 139(1) or within the time allowed under notice issued u/s 142(1) , the person may, before the assessment is made, furnish the return of any previous year at any time 3 months prior to the end of relevant assessment year or before the completion of assessment whichever is earlier. Note:- Completion of assessment will refer only to assessment u/s 144 i.e. Best Judgement Assessment as there can be no other assessment unless a return of income is furnished. Further the completion of assessment means the date on which the order of assessment was passed and not the date of service upon the assessee. Thus a return of income submitted after assessment is completed but before the notice of demand is served would be invalid. [ Balchand v ITO (1969) 1968 (8) TMI 6 - SUPREME COURT ] It has been held that where a return is filed after a best judgement assessment is made which gets cancelled, the return can be considered as one filed u/s 139(4). [Ram Billas Kedar Nath v ITO [ 1961 (12) TMI 92 - ALLAHABAD HIGH COURT ]]