2015 (8) TMI 984

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....ax Appellate Tribunal, Cochin Bench in ITA149/09. 2. We heard the Senior Counsel for the appellant and the learned Senior Counsel appearing for the respondent assessee. 3. The assessee is a company fully owned by the Government of Kerala. Based on its provisional accounts, return for the assessment year 2003-2004 was filed by the assessee on 30.11.2004 declaring a loss of Rs. 1.45 crores. Subsequently, following a notice issued on 17.11.2004 under Section 143(3), proceedings for scrutiny assessment was initiated. Still later, on finalisation of the accounts, the assessee filed a revised return on 14.2.2006 declaring a loss of Rs. 1,87,85,111/-. On the basis that the revised return was filed beyond time provided under Section 139(5) of....

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....ecision of the Supreme Court wrong and perverse"? 2. Whether, on the facts and circumstances of the case and considered in the light of the principle that no Court can go against the statute, the Tribunal is right in law in understanding the decision of the Supreme Court in Shelly products as against/inconsistent with Section 139 (5) of the I.T.Act. 3. Whether, on the facts and circumstances of the case is not the 'revised return' filed on 14.2.2006 beyond the time limit prescribed under Section 139(5) of the Income Tax Act for the assessment year 2003-04?" 4. Having heard the counsel for both sides, we are satisfied that the questions deserve to be answered against the Revenue and in favour of the assessee. Reading of the ....

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.... is cast upon the Revenue to refund the amount to the assessee without his having to make any claim in that behalf. In appropriate cases therefore, it is open to the assessee to bring facts to the notice of the concerned authority on the basis of the return furnished, which may have a bearing on the quantum of the refund, such as those the assessee could have urged under Section 237 of the Act. The concerned authority, for the limited purpose of calculating the amount to be refunded under section 240 of the Act, may take all such facts into consideration and calculate the amount to be refunded. So viewed, an assessee will not be placed in a more disadvantageous position than what he would have been, had an assessment been made in accordance....