Changes in section 139(4) & 139(5) by Finance Act 2016 not retrospective

Qayum Ismail Mukaddam Vs CIT (ITAT Mumbai)

The central issue in the case revolves around the retrospective applicability of changes introduced to sections 139(4) & 139(5) by the Finance Act 2016 in relation to the revision of a belated Income Tax Return (ITR).

Analysis : Mukaddam filed a belated return of income, which he later revised to declare a lesser income. The Assessing Officer (AO), however, dismissed the revised return on the basis that it was invalid as the original return was belated.

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