https://www.taxtmi.com/caselaws?id=460552 The Court determined that the revised return filed by the assessee on October 29, 1991, was invalid as it exceeded the statutory time limit prescribed under section 139(5) of the Income-tax Act. The Court emphasized that the statutory timeframe for filing a revised return is substantive and must be strictly adhered to. Consequently, the Tribunal's decision to accept the belated revised return was set aside, and the decisions of the lower authorities were upheld. The ruling affirmed the principle that statutory time limits in tax legislation are essential to the validity of claims and returns, favoring the Revenue's position. en-us Thu, 16 Jun 2011 00:00:00 +0530 Fri, 31 Jan 2025 16:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460552 The Court determined that the revised return filed by the assessee on October 29, 1991, was invalid as it exceeded the statutory time limit prescribed under section 139(5) of the Income-tax Act. The Court emphasized that the statutory timeframe for filing a revised return is substantive and must be strictly adhered to. Consequently, the Tribunal's decision to accept the belated revised return was set aside, and the decisions of the lower authorities were upheld. The ruling affirmed the principle that statutory time limits in tax legislation are essential to the validity of claims and returns, favoring the Revenue's position. Case-Laws Income Tax Thu, 16 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460552