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Delay in filing revised return of Income, Income Tax

Issue Id: - 118323
Dated: 13-1-2023
Delay in filing revised return of Income

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In one of the case of firm while filing return of Income for AY 2022-23, interest paid to partners was added back to firm's income but inadvertently interest paid was not claimed as expenditure.

In this way taxable Income has increase and now date of filing revised return which is 31-12-2022 has also lapsed.

Can CCIT condone the delay of filing revised return u/s 119(2)(b) and if yes how to file the Income Tax return because system do not allow return u/s 119(2)(b) prior to 31-3-2024

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1 Dated: 29-3-2023
By:- Padmanathan Kollengode

Has the partners declared this interest as their income in their returns?

you can apply for revision under section 264 of the Act before CIT.


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