Revised return under new tax regime bars old-regime deductions; standard deduction and Chapter VI-A relief were rightly denied.

A valid revised return under the Income-tax Act substitutes the original return for all purposes, so the Assessing Authority cannot rely on the earlier return once the revised return is filed. Where the assessee opts for the new tax regime under section 115BAC, the statutory consequence is that standard deduction under section 16 and deductions under Chapter VI-A, including section 80C, are not available. Processing the return under section 143(1) on that basis was held to be in accordance with law, and the challenge to the denial of those deductions failed.

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Issues: Whether, on filing a valid revised return opting for the new tax regime, the original return under the old regime ceased to have effect so as to permit denial of standard deduction and Chapter VI-A deductions under section 115BAC of the Income-tax Act, 1961.

Analysis: The original return was filed under the old tax regime and was subsequently revised under the new tax regime. A valid revised return substitutes the earlier return for all purposes under the Income-tax Act, so the Assessing Authority could not rely on the original return or the statements filed with it. Once the assessee opted for the new tax regime under section 115BAC of the Income-tax Act, 1961, the statutory consequence was that the assessee was not entitled to claim standard deduction under section 16 or deductions under Chapter VI-A, including section 80C. The processing of the return under section 143(1) was therefore in accordance with law.

Conclusion: The denial of standard deduction and Chapter VI-A deductions was upheld, and the assessee's challenge failed.

Ratio Decidendi: A valid revised return replaces the original return, and where the assessee opts for the new tax regime under section 115BAC of the Income-tax Act, 1961, deductions unavailable under that regime cannot be claimed on the basis of the earlier return.

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