Sec. 139(5) not applies to revised return filed as per NCLT scheme

M/s. Dalmia Power Limited Vs ACIT (Madras High Court) a) The scheme of arrangement and amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescribed period and Section 139(5) of the Income Tax Act, 1961 is not applicable for cases where revised returns of income have been filed pursuant to approval of scheme of arrangement and amalgamation by the Competent Court. Sec. 139(5) not applicable if revised ITR is filed pursuant to scheme approved ...