Earlier return, after a revised return, cannot form the basis of assessment

IN THE ITAT MUMBAI BENCH ‘A’ Lok Housing and Constructions Ltd. Versus Assistant Commissioner of Income-tax-8(3)(OSD) IT Appeal No. 8485 (Mum.) of 2011 [Assessment Year 2007-08] October 23, 2012 ORDER P.M. Jagtap, Accountant Member – This appeal filed by the assessee is directed against the order of learned CIT(Appeals)-17, Mumbai dated 31-10-2011 whereby he upheld the order of the AO treating the revised return filed by the assessee as invalid and assessing the total income of the assessee at Rs.135.56 crores on the basis of original return filed by the asse...