2011 (12) TMI 425

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..... assessee had filed revised computation of income by claiming deduction on account of interest of Rs.2,10,736 paid to Kotak Mahindra Bank Ltd. The Assessing Officer did not consider the revised computation of income filed by the assessee on the ground that there is no provision in the Act to file a revised computation of income as the assessee can only filed revised return of income as per section 139(5) of the Act. Accordingly, the Assessing Officer determined the total income of the assessee as per the original return of income filed by the assessee ignoring the revised computation of income filed by the assessee. Aggrieved, the assessee carried the matter in appeal before the Commissioner of Income-tax (Appeals). After considering the su .....

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..... nce-sheet as well. In other words, the balance-sheet also is found having revised. When there is this kind of repercussion in revising the computation of income, on the balance-sheet as well, the right course for such claim is always by filing a revised return of income under section 139(5) of the Act, which the appellant has admittedly not done so. Therefore, the revised computation cannot be considered to constitute a revised return even if it is furnished during the course of assessment proceedings, before the assessment is completed. As held by the hon'ble Supreme Court in the case of Goetze India Ltd. v. CIT [2006] 284 ITR 323 (SC) that any deduction and claim of expenditure is required to be made by filing a revised return of income. .....

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..... ies below and submitted that the assessee ought to have filed the revised return of income as per section 139(5) of the Act. We have considered the rival submissions, perused the record and gone through the orders of the authorities below. In this case the assessee after filing the original return of income, subsequently filed the revised computation of income claiming deduction on account of interest income. The Assessing Officer ignored the revised computation of income and made the assessment as per the original return of income filed by the assessee. The Commissioner of Income-tax (Appeals) confirmed the action of the Assessing Officer following the decision of the hon'ble Supreme Court in the case of Goetze India Ltd. [2006] 284 IT .....

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