9911796707
TMI Blog2012 (5) TMI 132X X X X Extracts X X X X X X X X Extracts X X X X ..... nt – initiation of reassessment taking recourse of Section 148 was not warranted - in favour of assessee. - INCOME TAX APPEAL No. - 330 of 2008 - - - Dated:- 5-4-2012 - Ashok Bhushan, Prakash Krishna, JJ. Petitioner Counsel :- S.C.(A.N.Mahajan) Heard Sri Dhananjay Awashti, learned counsel for the appellant and Sri S.D. Singh appearing for the respondent. The present appeal has been filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) and is directed against the judgment and order dated 27th July, 2007 passed by the Income Tax Appellate Tribunal in I.T.A. No.305/LUC/2007 for assessment year 2001-02 whereby the Tribunal has held that notice under Section 148 of the Act being issued af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed return even before initiation of any proceeding against her, there was no material with the Department to form an opinion that income of the assessee has escaped assessment. Challenging the aforesaid judgment and order of the Tribunal, present appeal has been filed. In the memo of appeal, following questions of law have been framed:- "1. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in law in quashing the order u/s 147/143(3) of the Income Tax Act, 1961 without appreciating that the so called revised return filed on 28.05.2002 was not a valid return within the meaning of provisions of section 139(5) of the Act. 2. Whether on the facts and in the circumstances of the case, the Hon'ble Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome, wherein it was stated that the assessee had received amount of Rs.1,00,000/- in the shape of gifts A bare look to Section 139(5) of the Act would show that it enables a person, who has already filed a return under sub-section (1), or in pursuance of notice under sub-section (1) of Section 142, to file a revised return at any time before the expiry of one year if he discovers any omission or any wrong statement therein. The ground for filing the revised return is discovery of any omission or discovery of any wrong statement in the return already filed. It is not the case of the Department that the revised return was not filed within the time stipulated therein. Thus if an assessee discovers any omission or wrong statement in the origi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct was not warranted. The revised return was accepted by the Department under Section 143(1) by the order dated 24.3.2004 and it is too late to say that the revised return was not valid. It could not be rejected, for the first time by the C.I.T. (A), while hearing an appeal, which arose out of reassessment proceedings, the proceeding which was not validly initiated. The Assessing Officer and the First Appellate Authority have committed illegality in holding that revised return can be filed only when there is bonafide mistake. Section 139(5) of the Act enables an assessee to file revised return on the discovery of any omission or wrong statement which was done in the present case by the assessee. It may be placed on the record that rev ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
