In Scrutiny Assessment A.O cannot totally ignore information given in revised belated return

Madras High Court recently held in Tax Case (Appeal) Nos.1615 and 1616 of 2005 (Commissioner of Income Tax v NEPC India Limited) decided on 06/07/2012 that Even if the revised return is validly rejected as belated and hence invalid, in a scrutiny assessment the Assessing Officer cannot totally ignore the information therein.

Facts of the case: The assessee-company initially filed u/s 139(1), a return supported by regular accounts, and showing substantial book profit and offering MAT. However t

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