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2022 (6) TMI 596 - AT - Income TaxRejection of revised return - CIT(A) directing the Assessing Officer to consider the revised return - Whether AO has erred in law in not accepting the said revised return only on the ground the effect of such a wrong credit of income is not given in the Profit and Loss Account and further that once the accounts have been closed and balance sheet drawn, no variation in the accounts can be allowed? - HELD THAT:- We are not disputing the legal position put forth by the counsel for the assessee that once revised return has been validly filed, the original return gets substituted by the revised return. However, in the instant facts we note that the genuineness of claim put forth by the assessee has not been examined at all by the Revenue. Neither the AO examined the factual aspect regarding the claim of the assessee and neither were the facts examined during the course of appellate proceedings. While, in principle we are in agreement that a validly filed revised return substitutes the original return, but at the same time, in the instant set of facts, the Revenue did not analyse the veracity of the facts/figures on the basis of which the return was revised by the assessee. Therefore, in the instant facts, in the interests of justice, we are setting aside the matter to the file of AO to examine the facts in detail and verify the claim of the assessee in the revised return. Accordingly, the matter is being set aside to the Assessing Officer with the above directions. Appeal of the Revenue is allowed for statistical purposes
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