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TMI Blog2010 (3) TMI 756X X X X Extracts X X X X X X X X Extracts X X X X ..... icer to process the revised return filed by the assessee under section 143(1B) of the Act though the same was filed after the original return had already been processed under section 143(1)(a) ?" 2. The assessment year is 1995-96. The respondent-assessee had filed its original return of income for the assessment year under consideration on November 30, 1995, disclosing total income of Rs. 21,46,600. The said return was filed in time and was processed under section 143(1)(a) of the Act. Within a period of one year from the relevant assessment year, the assessee on the basis of the opinion of the chartered accountant and tax expert, filed a revised return on January 21, 1997, declaring business loss of Rs. 12,08,686. The revised retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee carried the matter in appeal before the Commissioner (Appeals) who recorded a finding that the revised return was filed on January 21, 1997, but rejected the appeal on other grounds. The assessee carried the matter in further appeal before Tribunal, who, vide the impugned order dated January 25, 2007 allowed the appeal. 4. Mr. M. R. Bhatt, learned senior counsel appearing for the appellant-Revenue supported the orders passed by the Assessing Officer and the Commissioner (Appeals). 5. As can be seen from the impugned order of the Tribunal, the Tribunal has held that under section 143(1B) of the Act, it is permissible for an assessee to file a revised return under section 139(5) after issuance of the intimation and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al has found as a matter of fact that the revised return had been filed within the time permitted under section 139(5) of the Act. The Tribunal, accordingly held that once the revised return was filed within time, the Assessing Officer was bound to process it under section 143(1B) of the Act. 6. Sub-section (5) of section 139 provides that if any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. 7. In the present case the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on shall be deemed to be a notice of demand issued under section 156 and all the provisions of this Act shall apply accordingly ; (b) reducing the amount already paid, the excess amount shall be refunded to the assessee ;" 9. On a plain reading of section 143(1B) it is apparent that the provision mandates that if after the issuance of intimation, a revised return is furnished by an assessee under sub-section (5) section 139 it is incumbent upon the Assessing Officer to process the revised return and amend the intimation issued under section 143(1)(a) on the basis of the revised return. At this stage there is no question of going into the validity of the return filed under section 139(5) of the Act, if the revised return is f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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