https://www.taxtmi.com/caselaws?id=33357 The court upheld the validity of the petitioner's revised return filed under Section 139(5) of the Income Tax Act, noting that it must be accepted if filed within the prescribed time and corrects errors. The petitioner was correctly treated as an "assessee in default" until the revised return was filed. Criticizing the Department's actions, the court directed the Assessing Officer to complete the assessment promptly and allowed the petitioner to operate bank accounts with certain conditions. The court emphasized the importance of a fair assessment process and balanced consideration of both parties' interests. en-us Thu, 30 Apr 2009 00:00:00 +0530 Sat, 17 Oct 2009 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33357 The court upheld the validity of the petitioner's revised return filed under Section 139(5) of the Income Tax Act, noting that it must be accepted if filed within the prescribed time and corrects errors. The petitioner was correctly treated as an "assessee in default" until the revised return was filed. Criticizing the Department's actions, the court directed the Assessing Officer to complete the assessment promptly and allowed the petitioner to operate bank accounts with certain conditions. The court emphasized the importance of a fair assessment process and balanced consideration of both parties' interests. Case-Laws Income Tax Thu, 30 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33357