Delay in filing revised return of Income

[ROHIT GOEL]

In one of the case of firm while filing return of Income for AY 2022-23, interest paid to partners was added back to firm's income but inadvertently interest paid was not claimed as expenditure.

In this way taxable Income has increase and now date of filing revised return which is 31-12-2022 has also lapsed.

Can CCIT condone the delay of filing revised return u/s 119(2)(b) and if yes how to file the Income Tax return because system do not allow return u/s 119(2)(b) prior to 31-3-2024

[Padmanathan KV]

Has the partners declared this interest as their income in their returns?

you can apply for revision under section 264 of the Act before CIT.

AI Summary

Revision of return: consider an application under section 264 if revised return deadline has been missed and interest was unclaimed. Failure to claim interest paid to partners increased the firm's taxable income and the revised return deadline has lapsed; confirm whether partners declared the interest and pursue correction by applying for revision under section 264 before the Commissioner of Income Tax.