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TMI Blog2019 (4) TMI 2149X X X X Extracts X X X X X X X X Extracts X X X X ..... ound of appeal filed by the revenue reads as under: "Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in giving relief to the assessee of Rs. 1,28,42,775/- by considering the income as per revised Return of Income (revised return filed on 17.02.2015) which was not the valid return of income as per section 139(5) which states that - if any person, having furnished a return under sub section (1), or in pursuance of a notice issued under sub section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year of before the completion of the assessment, whichever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P&L A/c. But while filing original income tax return, wrongly entered profit of Rs. 1,28,52,010/- instead of Rs. NIL. Afterward we have filed revised return'. However, the AO was not convinced with the above submission of the assessee for the reason that the original return was filed belatedly i.e. not within the time allowed u/s. 139(1). Therefore, treating the revised return as invalid, the AO considered the returned income of Rs. 1,28,42,730/- as per the original return of income filed on 16.02.2015 for assessment purposes. 4. In appeal, the Ld. CIT(A) considered the fact that Rs. 1,28,42,730/- is shown as income for the A.Y. 2014-15 inadvertently as a result of punching error. During the assessment proceedings, the appellant had filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.2018 was not the valid return of income as per section 139(5). The assessee has not filed the revised return of income against the return filed u/s. 139(1) or in response to the notice issued u/s. 142(1). Therefore, the Ld. DR submits that it was a invalid return and therefore the order passed by the AO be restored. 7. We have heard the rival submissions and perused the relevant materials available on record. In the instant case, the appellant filed its original return of income on 16.02.2015 declaring income at Rs. 1,28,42,730/-. Thereafter, on the very next day, it filed the revised return declaring the total income at Rs. 'NIL'. During the assessment proceeding before the AO, the appellant explained that there was a punching error whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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