Sarvajit Bhatia Vs ITO (ITAT Delhi)
Under sub-section (1) of Section 139, every person whose income for the previous year exceeds the maximum amount net chargeable to tax, is required to file a return before the due date. Sub-section (3) of Section 139 provides that any person who has sustained a loss and claims that the loss should be carried forward would file a return of loss within the time prescribed under sub-section (1) and thereupon ail the provisions of the Act shall apply as if it was a return under sub-section (1) of Section 139 of the Act.
Under subsection 4 of Section 139, a person who has not furnished a return within the time allowed under sub-section (1) may still furnish a return within prescribed time.
Subsection (5) of Section 139 provides that any person having furnished a return under subsection (1) or sub-section (4) discovers any omission or a wrong statement therein, he may furnish a revised return within prescribed time.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal filed by the assessee is directed against the order dated 29.08.2018 of the CIT(A)-19, Faridabad relating to A. Y.2015-16.
2. Facts of the case, in brief, are that the assessee is an individual and derives income from salary and sale and purchase of shares. He filed his return of income on 21.08.2015 declaring total income of Rs. 4,25,400/- after claiming deduction under chapter VI-A. The case of the assessee was selected for scrutiny through CASS to examine the issue of commodity transaction/derivative (futures) transaction. Statutory notices u/s. 143(2) of the Act was issued on 26.07.2016 which was duly served on the assessee fixing the case for hearing on 08.08.2016. The assessee filed a revised return of income on 15.10.2016 declaring total income of Rs. 5,90,400/-. The details of income declared in the revised return are as under :-
