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THE COMMISSIONER OF INCOME TAX, TRIVANDRUM Versus M/s. KERALA STATE SMALL INDUSTRIES DEVELOPMENT CORPORATION LTD.

2015 (8) TMI 984 - KERLA HIGH COURT

Interpretation of Section 139(5)- whether Tribunal is right in law in holding the 'revised return' of income filed by the assessee beyond the time limit prescribed under section 139(5) of the Income Tax Act is admissible? - Held that:- It is open to an assessee to point out mistakes committed by it in the return filed and that the authorities under the Income Tax Act are bound to assess the income and loss of the assessee in terms of the provisions of the Act. Accordingly, the Tribunal concluded .....

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did not stand in the way of the assessee in taking advantage of the principle laid down by the Apex Court in its judgment in Shelly Products (2003 (5) TMI 4 - SUPREME Court ). It is true that the learned Senior Counsel for the Revenue contended that the law declared by the Supreme Court is understood in the light of the provisions of Section 139(5). In our view, that principle does not in any manner come in conflict with the view taken by the Tribunal and, therefore, in the facts of the case, w .....

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challenge is against the order passed by the Income Tax Appellate Tribunal, Cochin Bench in ITA149/09. 2. We heard the Senior Counsel for the appellant and the learned Senior Counsel appearing for the respondent assessee. 3. The assessee is a company fully owned by the Government of Kerala. Based on its provisional accounts, return for the assessment year 2003-2004 was filed by the assessee on 30.11.2004 declaring a loss of ₹ 1.45 crores. Subsequently, following a notice issued on 17.11.20 .....

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ugned order, the Tribunal set aside the orders passed by the lower authorities and directed re-examination of the matter by the Assessing Officer. This order is challenged by the Revenue in this appeal and the questions of law framed are the following: "1. Whether, on the facts and in the circumstances of the case and also, on an interpretation of Section 139(5) of the Income Tax Act, 1961 the Tribunal is right in law- i) In holding the 'revised return' of income filed by the assess .....

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than in what he would have been if a fresh assessment was made. as "the inability of the department to consider the belated revised return should not place the assessee in a more disadvantageous position". and are not the 'reading' and 'understanding' of the decision of the Supreme Court wrong and perverse"? 2. Whether, on the facts and circumstances of the case and considered in the light of the principle that no Court can go against the statute, the Tribunal is r .....

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vour of the assessee. Reading of the order passed by the Tribunal shows that the Tribunal has followed the Apex Court judgment in Commissioner of Income Tax v. Shelly Products and Another [2003 (261) ITR 367] where the Supreme Court has held thus: "We cannot lose sight of the fact that the failure or inability of the Revenue to frame a fresh assessment should not place the assessee in a more disadvantageous position than in what he would have been if a fresh assessment was made. In a case w .....

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ance, included in his income any amount which is exempted from payment of income-tax, or is not income within the contemplation of law, he may likewise bring this to the notice of the assessing authority, which if satisfied, may grant him relief and refund the tax paid in excess, if any. Such matters can be brought to the notice of the concerned authority in a case when refund is due and payable, and the authority concerned, on being satisfied, shall grant appropriate relief. In cases governed b .....

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