9911796707
TMI Blog2025 (5) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is a company incorporated under the provisions of Companies Act, 1956. It is engaged in the business of manufacture and export of Toys. The return of income for the assessment year 2007-2008 was originally filed on 23rd October, 2007. The same was revised on 24.11.2007 and again it was revised on 22.02.2008 showing taxable income at Nil, after claiming deduction u/s. 10B of the Income-tax Act, 1961 ("the Act"). The audit report as per Rule 16E and Form 56G was submitted by the appellant company on 22nd February, 2018. Against the said return of income, the assessment was completed by the Assistant Commissioner of Income-tax, Circle 1(2), Kochi ("the AO") vide order dated 23rd December, 2009 passed u/s. 143(3) of the Act assessing the tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstitution of the original return filed u/s. 139(1) of the Act, and therefore, does not constitute a sufficient compliance, and accordingly dismissed the appeal placing reliance on the decision of the Hon'ble Supreme Court in the case of PCIT v. Wipro Limited (2022) 140 taxmann.com 223 (SC). 4. Being aggrieved, the appellant is in appeal before us in the present appeal. It is submitted that the appellant had filed original return of income within the due date prescribed u/s. 139(1) of the Act. Once an assessee files a revised return of income, it amounts to substitution of the original return of income. The time limit prescribed for filing of the requisite audit report is directory in nature and can be file at any time before the completi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the provision of sub-section (5) of section 139 of the Act. Once a revised return of income is filed, the natural consequence is that the original return of income is effaced for all the purposes, and it is not open to the AO to advert to the original return of income as filed by the assessee company. It is a settled position of law that an assessee is entitled to revise return of income within the time allowed under the provisions of sub-section (5) of section 139 of the Act, once a revised return of income is filed, the natural consequence is that the original return of income is effaced or obliterated for all the purposes, it is not open to the Assessing Officer to advert to the original return of income. This position of law was appro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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