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?

[DR.MARIAPPAN GOVINDARAJAN]

Whether you got clarified in the above issue? If not please inform.

AI Summary

Revised return acceptance questioned after acknowledgment of minimum alternate tax liability and deposit; penalty for intentional omission considered. Whether a corporate assessee's revised return filed after a scrutiny notice conceding Minimum Alternate Tax liability arising from a deduction under industrial incentive provisions is procedurally valid; the assessee filed a revised return, deposited the tax with interest and produced the compliance document for the deduction, raising the related question of whether a penalty for intentional omission may be imposed in light of the amendment and payment.