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 thereafter its accounts came to be inspected by the Registrar of Companies who gave certain directions ...