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TMI Blog2023 (1) TMI 1169X X X X Extracts X X X X X X X X Extracts X X X X ..... to have considered the revised return of income for assessing the income of assessee. But, despite assessee filing the same, the AO erred is not considering the same and passed the assessment on 27.03.2015. Therefore, we set aside the order of the Ld. CIT(A) and remand the assessment back to the file of the AO with a direction to frame denovo the assessment. AO frame de-novo the assessment taking in to consideration the revised return of income. Appeal of the assessee is allowed for statistical purposes. - I.T.A. No.2437/Mum/2017 - - - Dated:- 12-12-2022 - Shri Aby T. Varkey, JM And Shri Gagan Goyal, AM For the Assessee : Shri Dharan Gandhi For the Revenue : Shri T. Sankar (DR) ORDER PER ABY T. VARKEY, JM: Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e filed the copy of audit report along with audited profit and loss account, balance--sheet and computation of income. According to the AO, he had made enquiries with various parties by issuing notice u/s 133(6) of the Act to verify the genuineness of the transactions carried out by the assessee, which were returned un-served. So the AO made an addition to the tune of Rs.5,83,67,870/--. Aggrieved, the assessee preferred an appeal before the Ld. CIT(A) who partly allowed the appeal for AY. 2013--14. Aggrieved by the action of the Ld. CIT(A), the assessee is before us. 4. We have heard both the parties and perused the records. At the outset, the Ld. AR of the assessee pointed out that in this case the assessee is raising the preliminary ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e taken into account for purpose of making the assessment. ? And this was answered by the Hon ble High Court as under at para no. 8. Regarding question no. 1, much discussion is not necessary because once the original return is withdrawn or is substituted by filing a valid revised return, the natural consequence is the earlier return would be effaced or obliterated for all purposes under the Act. The answer to the first question, therefore, necessarily will be in the affirmative and against the revenue . In the light of the aforesaid judicial precedent, the Ld. AR of the assessee submits that since the fact remain that the assessee had filed the revised return on 19.03.2015, the same should have been considered by the AO before/while fram ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act effaces and obliterates. Since the revised return of income was filed on 19.03.2015 u/s 139(4) of the Act, it was a valid revised return as per the law in force at that time. In such a scenario, the AO ought to have considered the revised return of income for assessing the income of assessee. But, despite assessee filing the same, the AO erred is not considering the same and passed the assessment on 27.03.2015. Therefore, we set aside the order of the Ld. CIT(A) and remand the assessment back to the file of the AO with a direction to frame denovo the assessment. Needless to say that the assessee would be given proper opportunity during the course of the assessment proceedings. And the Ld AR undertakes to diligently appear/file, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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