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TMI Blog2015 (4) TMI 840X X X X Extracts X X X X X X X X Extracts X X X X ..... sheet and as assets of the assessee. There were revised accounts and which were also scrutinized. They were found to be in order and meeting the accounting practice adopted. Therefore, the accounting policy also could not have been faulted. In para 42 of the impugned order, the Tribunal held that income could not have really accrued because of the fact that these Agreements were cancelled. Then the issue of their cancellation has been gone into, and in extensive details. The correct legal principles were applied and a finding of fact is arrived at in para 48, that no income could be said to have really accrued to the assessee as a result of the five transactions in the immovable properties and which income was chargeable to tax in the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nge and pronounced on 23-10-2012, the Tribunal has partly allowed the Appeal of the respondent-assessee. 2. Mr. Pinto, learned counsel appearing on behalf of the Revenue in support of this Appeal submits, that the questions at page Nos.5 and 6 of the paper-book are substantial questions of law. 3. He submits that this is a case of survey action carried out on the assessee's business premises on 11-9-2008. Subsequent to the survey, a Notice under Section 142(1) of the Income Tax Act, 1961 (for short, the I.T. Act ) was issued to the assessee calling for its return of income for the Assessment Year 2007-08. That was not filed by the assessee. In response to this Notice, the assessee filed a return of income on 23-9-2008, declaring ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd when the assessee had not filed its return of income earlier. The assessee filed it pursuant to the Notice issued under Section 142(1) of the I.T. Act and that could not have been revised and assuming it can be so, still the requirement under sub-section (4) and sub-section (5) of Section 139 of the I.T. Act having not been fulfilled, there was no obligation to consider the revised return. In considering it, the Tribunal has committed an error of law apparent on the face of the record. 7. We will dispose of this first contention of Mr. Pinto as, in our opinion, the same does not deserve to be accepted. Section 139, which falls under Chapter XIV, deals with return of income. Sub-section (1) thereof contemplates furnishing of a return o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 139(1) or in pursuance of a notice under Section 142(1). Both such returns can be revised upon fulfillment of the conditions under sub-section(5). Once this is the clear legal position and the only inquiry before the Tribunal was whether there was indeed a discovery of any omission or wrong statement in the original return, then, the first and second questions at page 5 of the paper-book are not substantial questions of law. 10. In relation to the third question, what we have noticed is that the Revenue is seeking re-appreciation and re-appraisal of the factual material on record. That is a course permissible, provided the factual findings can be termed as perverse or vitiated by any error of law apparent on the face of the record. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot have been faulted. In para 42 of the impugned order, the Tribunal held that income could not have really accrued because of the fact that these Agreements were cancelled. Then the issue of their cancellation has been gone into, and in extensive details. The correct legal principles were applied and a finding of fact is arrived at in para 48, that no income could be said to have really accrued to the assessee as a result of the five transactions in the immovable properties and which income was chargeable to tax in the year under consideration. Once income had not accrued to the assessee in the real sense, then the original return represents wrong statement which was corrected by the assessee by filing a revised return. Therefore, no hypot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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