Revised return validity & Mat related issue.

[G. Tipra]

Fact of Case:
Assessment year 2012-2013
Corporate Assessee
Original Return filed in time. 139(1)

Problem:
During scrutiny-
AO observe MAT payable against deduction u/s 80-IC and issue notice u/s 142(1).

80-IC income become liable to Mat as the per the amendment.

Against such notice
- Revised return is filed on 15/09/2014 accepting MAT payable
- Tax has been deposited with interest
- And Copy of 29B dated 25/08/2012 to AO

Query: Whether Revised return can be Accepted or rejected?
Is penalty on the ground of intentional omission can be imposed?

AI Summary

Corporate Assessee Revises Tax Return Post-Scrutiny, Accepts MAT Under Section 80-IC; Penalty Questioned for Omission A corporate assessee filed an original tax return on time for the assessment year 2012-2013. During scrutiny, the Assessing Officer (AO) noted that Minimum Alternate Tax (MAT) was payable against a deduction under section 80-IC due to an amendment. A notice under section 142(1) was issued, prompting the assessee to file a revised return on 15/09/2014, accepting the MAT payable and depositing the tax with interest. The query raised was whether the revised return could be accepted or rejected and if a penalty for intentional omission could be imposed. The response sought clarification on whether the issue was resolved.