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2020 (9) TMI 414 - AT - Income TaxRevision u/s 263 - claim cost of improvement and exemption u/s. 54F in revised return - contention of Pr. CIT is that the AO cannot exercise jurisdiction to process the revised return of income - HELD THAT:- In the present case, two returns were filed by the assessee one u/s. 139(4) and another u/s. 139(5) of the Act and since return filed u/s. 139(4) of the Act was validly filed by the assessee, it was incumbent upon the AO to complete the assessment in pursuance of the valid return of income. The assessment made by AO with reference to section 139(4) of the Act thus was not invalid and non-est but it was erroneous and prejudicial to the interest of revenue as rightly held by the Pr. CIT u/s. 263. Thus, the order of Pr. CIT is justified and grounds raised by the assessee are dismissed.
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