Section 139(5)

We can still file Income Tax Return for AY 2019-20

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...

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Revised Return by amalgamating companies | Section 139(5)?

Income Tax - Provisions of Section 139(5) do not apply strictly to a situation of filing of revised Returns of Income by amalgamating companies under an approved Scheme of Arrangements and Amalgamation Dalmia Power Limited and Another Vs. ACIT (Supreme Court); Civil Appeal Nos. 9496-99 of 2019 (Arising out of SLP (C) Nos. 19678-681 of 2019); 18/12/201...

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Revised Return and Belated Income Tax Return Filing

Income Tax - Made mistake while filing your ITR? It is usual that sometimes we make mistakes while filing our Income tax return online, this might be a case of sufficing incorrect figures, taking unjust deductions, ignored interest incomes and other income sources etc. It is necessary that we take utmost care to avoid such probable mistakes. But [&hel...

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Revision of Income Tax Return U/S 139(5): रिटर्न में गलती होने पर क्या करे?

Income Tax - Filing of Revise Return us 139 (5) – कई बार इनकम टैक्स रिटर्न को फाइल करते समय कुछ गलती हो जाती है, या कुछ Item Return में नहीं दिखाते, या कभी कोई Deduction क्लेम करना भ...

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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...

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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...

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Set off of Brought Forward Losses of Merged Division in Revised Return allowed by ITAT

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) - ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law?  In present case, the assessee Company had filed the original return...

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Loss claimed in Revised Return allowable despite Non-disclosure in Original Return

Sarvajit Bhatia Vs ITO (ITAT Delhi) - Where return was revised under section 139(5), therefore, the original return filed under section 139(1) would not survive and hence, the claim of loss not made in original return but claimed in revised return had to be allowed....

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SC on Revise return by Amalgamated Company

Dalmia Power Limited Vs ACIT (Supreme Court of India) - Dalmia Power Limited Vs ACIT (Supreme Court of India) When the companies merged and amalgamated into another, the amalgamating companies lost their separate identity and character, and ceased to exist upon the approval of the Schemes of Amalgamation. Every scheme of arrangement and amalgamation must...

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

M/s. Dalmia Power Limited Vs ACIT (Madras High Court) - 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 prescri...

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Return filed cannot be rejected without giving an opportunity to Assessee

Zeenath International Supplies Vs CIT (High Court Madras) - Zeenath International Supplies Vs CIT (High Court Madras) Sub-Section (9) of Section 139 of the Act is beneficial  provision to the assessee, which provides them an opportunity to rectify the defects. Since  the intention being that the assessment proceedings are an outcome of dialogue...

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Recent Posts in "Section 139(5)"

We can still file Income Tax Return for AY 2019-20

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...

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Posted Under: Income Tax | ,

Set off of Brought Forward Losses of Merged Division in Revised Return allowed by ITAT

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court)

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law?  In present case, the assessee Company had filed the original return of income on 28.09.2010 showing total i...

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Loss claimed in Revised Return allowable despite Non-disclosure in Original Return

Sarvajit Bhatia Vs ITO (ITAT Delhi)

Where return was revised under section 139(5), therefore, the original return filed under section 139(1) would not survive and hence, the claim of loss not made in original return but claimed in revised return had to be allowed....

Read More

Revised Return by amalgamating companies | Section 139(5)?

Provisions of Section 139(5) do not apply strictly to a situation of filing of revised Returns of Income by amalgamating companies under an approved Scheme of Arrangements and Amalgamation Dalmia Power Limited and Another Vs. ACIT (Supreme Court); Civil Appeal Nos. 9496-99 of 2019 (Arising out of SLP (C) Nos. 19678-681 of 2019); 18/12/201...

Read More
Posted Under: Income Tax |

SC on Revise return by Amalgamated Company

Dalmia Power Limited Vs ACIT (Supreme Court of India)

Dalmia Power Limited Vs ACIT (Supreme Court of India) When the companies merged and amalgamated into another, the amalgamating companies lost their separate identity and character, and ceased to exist upon the approval of the Schemes of Amalgamation. Every scheme of arrangement and amalgamation must provide for an Appointed Date. The Appo...

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

M/s. Dalmia Power Limited Vs ACIT (Madras High Court)

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 Inc...

Read More

Revised Return and Belated Income Tax Return Filing

Made mistake while filing your ITR? It is usual that sometimes we make mistakes while filing our Income tax return online, this might be a case of sufficing incorrect figures, taking unjust deductions, ignored interest incomes and other income sources etc. It is necessary that we take utmost care to avoid such probable mistakes. But [&hel...

Read More
Posted Under: Income Tax |

Revision of Income Tax Return U/S 139(5): रिटर्न में गलती होने पर क्या करे?

Filing of Revise Return us 139 (5) – कई बार इनकम टैक्स रिटर्न को फाइल करते समय कुछ गलती हो जाती है, या कुछ Item Return में नहीं दिखाते, या कभी कोई Deduction क्लेम करना भ...

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Posted Under: Income Tax |

Return filed cannot be rejected without giving an opportunity to Assessee

Zeenath International Supplies Vs CIT (High Court Madras)

Zeenath International Supplies Vs CIT (High Court Madras) Sub-Section (9) of Section 139 of the Act is beneficial  provision to the assessee, which provides them an opportunity to rectify the defects. Since  the intention being that the assessment proceedings are an outcome of dialogue and discussion, the Assessing Officer i...

Read More

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...

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Posted Under: Income Tax |

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 ...

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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....

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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...

Read More
Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

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)...

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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. ...

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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...

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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...

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