Assessee filed the revised return u/s 139(5), offering the capital gain and claiming exemption u/ S.54 of the Act.AO held that the revised return being invalid the assessee is not entitle to exemption u/s 54 of the Act which was confirmed by the CIT(A) . On appeal allowing the appeal the Tribunal held that ; there is no bar / restriction that an assessee cannot file a revised return of income after issuance of notice u/s 143(2). A revised return of income can be filed even in course of the assessment proceedings provided the time limit prescribed u/s 139(5) is available. The Departmental Authorities are not expected to deny assessee’s legitimate claim by raising technical objection . ( ITA No. 176/Mum/2017, dt. 20.06.2018)(AY. 2011-12)
Mahesh H. Hinduja v. ITO ( 2018) 171 ITD 471 / 171 DTR 12/ 195 TTJ 1068(Mum)(Trib), www.itatonline.org
S. 54 : Capital gains – Profit on sale of property used for residence – Return- There is no bar / restriction that an assessee cannot file a revised return of income after issuance of notice u/s 143(2). A revised return of income can be filed even in course of the assessment proceedings provided the time limit prescribed u/s 139(5) is available. The Departmental Authorities are not expected to deny assessee’s legitimate claim of deduction by raising technical objection- Exemption claimed in revised return was directed to be allowed . [ S.139(5) 143(2) ]