revise return after receiving notice u/s 143 (2) possible?

[Guest]

Hii, one private ltd was registered in F.Y 2013-14. Return was filled within time limit 139 (1) and not covered in Sec 44 AB.Land had been purchased in sep 2013 and such payment was made by director and registry completed in the name of company but land could not be shown in Co's Balance Sheet in 2013-14.

Now, notice u/s 143(2) has been received. Can we revise the return to incorporate land in balance sheet.As per sec 139(5) return can be revised one year from end of relevant assessment year or completion of assessment whichever is earlier. As receiving notice is not completion of assessment and one year from assessment year means march 2016. Moreover return for the year 2014-15 has not been filled yet.

Is there any other solution?

[DR.MARIAPPAN GOVINDARAJAN]

You can revised the return.

AI Summary

Revision of return remains available after an assessment notice if filed within the statutory revision period. A company that filed its FY 2013-14 return timely but omitted land acquired and registered to the company received a notice under section 143(2). Under section 139(5) a return may be revised within the statutory window (one year from end of the relevant assessment year or until completion of assessment, whichever is earlier). Receipt of a section 143(2) notice is not the completion of assessment; therefore revision is available if the statutory period has not expired.