Section 139(5)

Section 139(5) – Revised Income Tax return

Income Tax - An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act i...

Retain existing time limit for filing of revised tax return: ICAI

Income Tax - Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit...

We can still file Income Tax Return

Income Tax - The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30thSeptember and for others it is 31st July every year as have been prescribed u/s 139(1). This year it extended till 5th Augu...

Return can be revised under Income Tax Act 1961 u/s 139(5)

Income Tax - If any person having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1) [original return], discovers any omission or wrong statement therein, then he may furnish a revised return at any time on or before the expiry of one year from the end of the relevant Assessment Year (AY 2) or before the co...

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Revised return not become invalid merely for filing after issue of Notice U/s. 143(2)

Shri Mahesh H. Hinduja Vs. ITO( ITAT Mumbai) - There is no bar / restriction in the provisions of section 139(5) of the Act that the assessee cannot file a revised return of income after issuance of notice under section 143(2) of the Act. It is trite law, the assessee can file a revised return of income even in course of the assessment proceedin...

Intimation issued U/s. 143(1) cannot stop Assessee from filing revised return

TATA AIG General Insurance Company Ltd. Vs DCIT (ITAT Mumbai) - Intimation issued under section 143(1) cannot be treated as order of assessment and on the basis of such order the assessee denied his statutory rights to file a revised return within the period of limitation....

Revision of return u/s 139(5) is not required when undisputed apparent mistake is there in ROI

ACIT Vs Amrapali Capital & Financial services Ltd. (ITAT Ahmedabad) - ITAT Ahmedabad held in ACIT Vs Amrapali Capital & Financial services Ltd that if the assessee had by mistake wrongly computed its computation of income because of unawareness of the law and he had not revised it return within the time mentioned u/s 139(5)...

No penalty on Income declared voluntarily in revised ROI filed sec. 143(2) notice

Prema Gopal Rao Vs DCIT (ITAT Mumbai) - In the instant case, the revised return of income was filed within the time prescribed u/s 139(5) of the Act. Even though the assessed filed the revised return of income after the receipt of notice u/s 143(2) of the Act, yet the admitted fact remains that the assessing officer did not seek any type ...

Denial of additional claim for non claim of the same by filing Revised Return not justified

Xerox India Limited Vs DCIT (ITAT Delhi) - Whether Ld.CIT(A) is correct in denying additional claims on the ground that claims were not made by way of filing the revised return under Section 139(5) of the Income-tax Act, 1961, where the assessee did neither claim those additional claims in the Original/Revised return nor claimed before Asse...

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Recent Posts in "Section 139(5)" | Total 10 Posts

Section 139(5) – Revised Income Tax return

An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act i...

Posted Under: Income Tax | Articles

Revised return not become invalid merely for filing after issue of Notice U/s. 143(2)

Shri Mahesh H. Hinduja Vs. ITO( ITAT Mumbai) -

There is no bar / restriction in the provisions of section 139(5) of the Act that the assessee cannot file a revised return of income after issuance of notice under section 143(2) of the Act. It is trite law, the assessee can file a revised return of income even in course of the assessment proceedings, provided, the time limit prescribed ...

Intimation issued U/s. 143(1) cannot stop Assessee from filing revised return

TATA AIG General Insurance Company Ltd. Vs DCIT (ITAT Mumbai) -

Intimation issued under section 143(1) cannot be treated as order of assessment and on the basis of such order the assessee denied his statutory rights to file a revised return within the period of limitation....

Posted Under: Income Tax | Featured, Judiciary, Trending | All ITAT, ITAT Mumbai

Retain existing time limit for filing of revised tax return: ICAI

Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit...

Posted Under: Income Tax | Articles, Featured

We can still file Income Tax Return

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30thSeptember and for others it is 31st July every year as have been prescribed u/s 139(1). This year it extended till 5th Augu...

Posted Under: Income Tax | Articles

Return can be revised under Income Tax Act 1961 u/s 139(5)

If any person having furnished a return under section 139(1) or in pursuance of a notice issued under section 142(1) [original return], discovers any omission or wrong statement therein, then he may furnish a revised return at any time on or before the expiry of one year from the end of the relevant Assessment Year (AY 2) or before the co...

Posted Under: Income Tax | Articles

Revision of return u/s 139(5) is not required when undisputed apparent mistake is there in ROI

ACIT Vs Amrapali Capital & Financial services Ltd. (ITAT Ahmedabad) -

ITAT Ahmedabad held in ACIT Vs Amrapali Capital & Financial services Ltd that if the assessee had by mistake wrongly computed its computation of income because of unawareness of the law and he had not revised it return within the time mentioned u/s 139(5)...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Ahmedabad

No penalty on Income declared voluntarily in revised ROI filed sec. 143(2) notice

Prema Gopal Rao Vs DCIT (ITAT Mumbai) -

In the instant case, the revised return of income was filed within the time prescribed u/s 139(5) of the Act. Even though the assessed filed the revised return of income after the receipt of notice u/s 143(2) of the Act, yet the admitted fact remains that the assessing officer did not seek any type of particulars in that notice. ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Denial of additional claim for non claim of the same by filing Revised Return not justified

Xerox India Limited Vs DCIT (ITAT Delhi) -

Whether Ld.CIT(A) is correct in denying additional claims on the ground that claims were not made by way of filing the revised return under Section 139(5) of the Income-tax Act, 1961, where the assessee did neither claim those additional claims in the Original/Revised return nor claimed before Assessing Officer but were claimed first tim...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

Revision of Return on cancellation of Incentive Shceme by Government is valid

Commissioner of Income Tax Vs Gujarat Industrial Development Corporation & 1 (Gujarat High Court) -

Assessee is a limited company. The Government of Gujarat floated Sale Tax Deferment Scheme. For facilitating the industrial units to avail such benefit of the Sale Tax Incentive Scheme in the State, pari passu charge was to be created in favour of the Sales Tax Department, as decided by the Government of Gujarat and as such deferred amoun...

Posted Under: Income Tax | Judiciary | All High Courts, Gujarat High Court