Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 604 - AT - Income TaxRevised return - taxpayer's claim of exclusion of the capital gain arising on sale of agricultural land as the same was wrongly included in the original return - valid or not? - Held that - After considering the provisions of section 139(5) of the Act which enables the taxpayer to file a revised return. As per section 139(5), if any person having furnished a return of income either u/s 139(1) or in pursuance of a notice issued u/s 142(1), 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 the assessment whichever is earlier. In this case, the return was not filed either u/s 139(1) or u/s 142(1) of the Act. Therefore, the taxpayer cannot revise the return. Hence, the revised is not a valid return. When the taxpayer by mistake or ignorance of law included an income which is not taxable otherwise, can it be brought to the notice of the A.O. in the course of assessment proceedings – held that - In view of the above judgment of the Apex Court in CIT vs Shelly Products [2003 (5) TMI 4], it is obvious that any mistake or inadvertence or on account of ignorance any income which is exempt from payment of tax or is not an income within the contemplation of law it may be brought to the notice of the assessing authority, which, if satisfied, may grant him relief or refund the taxes paid in excess, if any. Therefore, if any income which is otherwise not taxable is included in the return of income, it can be brought to the notice of the assessing authority in the course of assessment proceedings. Thus, the claim made by the taxpayer with regard to the assessability of the capital gain on sale of land needs to be examined by the A.O. even though such a claim was not made in the original return and the revised return was invalid.
|