TMI Blog2012 (12) TMI 1126X X X X Extracts X X X X X X X X Extracts X X X X ..... 260A of the Income Tax Act [ Act short] against the order of the Income Tax Appellate Tribunal ( ITAT for short) for A.Y 20004-2005 :- [A] Whether on the facts and circumstances of the case, the Hon'ble Tribunal was right in law in accepting the revised of income u/s 139[5] of the Income Tax Act ? 2. Heard learned advocate Shri Sudhir Mehta appearing for the Revenue and with his assi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 139 (1) of the Act, it was held by the Tribunal that if any omission is made by the assessee, it was entitled to filed a revised return. This aggrieved the Revenue, and therefore, the proposed question of law. 5. The issue arose in the following factual background : 6. Assessee is a limited company. The Government of Gujarat floated Sale Tax Deferment Scheme. For facilitating the industria ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -06, GIIC reversed the income in the books of account. Tribunal noted that Section 139(5) of the Act stipulates fulfillment of certain conditions to enable the assessee to avail such a right for filing revised return of income. All the three conditions, viz., filing of the original return u/s. 139(1) of the Act; to file revised return before one year from the end of the year in which original retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prescribed u/s. u/s. 139(5) of the Act provided the original return having been furnished by the assessee u/s. 139(1) of the Act, was entitled to furnish the return of income u/s. 139(5) of the Act. Though, there was a loss declared in the return furnished u/s. 139(1) of the Act and by revising the return further loss is also increased, there can not be any bar in revising the return, if there is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Act. Thus the ground No.1 of the assessee is allowed. 7. We are of the opinion that the Tribunal has committed no error in interpreting the law or applying the law to the facts of the case of the respondent herein. The Government of Gujarat had withdrawn scheme by Resolution dated 17th September 2005 and therefore, on discovering that income had accrued, the respondent had chosen to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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