Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 523 - AT - Income TaxValidity of revised return u/s 139(5) - return was revised after issuance of intimation u/s 143(1) - Whether the return filed by the assessee u/s 139(5) after processing of the return u/s 143(1) is a valid return? - claim of benefit of excess set off of losses and carry forward of the same as per the revised return filed by the assessee - Held that:- Similar issue has come in the case of Tarsem Kumar vs. Income Tax Officer [2013 (1) TMI 456 - PUNJAB AND HARYANA HIGH COURT] wherein held the expressions “intimation” and “assessment order” have been used at different places. The contextual difference between the two expressions has to be understood in the context the expressions are used. Assessment is used as meaning sometimes “the computation of income”, sometimes “the determination of the amount of tax payable” and sometimes “the whole procedure laid down in the Act for imposing liability upon the tax payer”. In the scheme of things, the intimation u/s 143(1)(a) cannot be treated to be an order of assessment There was no regular assessment framed therefore, the assessee for A.Y. 2005- 06 could file the revised return after complying with the provisions of Sec. 139(5) up to 31.3.2007. The revised return filed on 26.9.2006 was thus validly filed within limitation. Consequently, the claim of the petitioner-assessee for the refund of the additional tax deposited is valid and justified – Decided in favour of assessee Applicability of provisions of Section 115JB - Assessee is an insurance company incorporated under the Insurance Act - Held that:- Provisions of Section 115JB are not applicable in the case of the assessee as the assessee is engaged in the business of general insurance. This ground of the assessee stands allowed.
|