2012 (12) TMI 1126

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....f the Income Tax Act ? 2. Heard learned advocate Shri Sudhir Mehta appearing for the Revenue and with his assistance, examined the papers minutely. It appears that the assessee is State Government owned company, acting as a development financial institution for assisting the cause of medium and large scale industries in the State of Gujarat. The assessee filed revised return u/s. 139(5) of the Act. However, the Assessing Officer ignored such revised return and completed the assessment, proceedings on the basis of original return. 3. Challenging such order of the Assessing Officer before the CIT (A), when the appeal was preferred by the assessee, the CIT (A) confirmed the same. 4. Aggrieved by the said order, assessee preferred appeal bef....

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....nditions to enable the assessee to avail such a right for filing revised return of income. All the three conditions, viz., filing of the original return u/s. 139(1) of the Act; to file revised return before one year from the end of the year in which original return is filed; whichever is earlier; and discovery of any omission or wrong statement in the original return were found fulfilled in case of the present assessee. The Tribunal noted these compliances in the following words : "We have heard the rival contentions and perused the facts of the case. There is no dispute to the fact that the books of account of the assessee are audited and the assessee is a 'Limited Company'. And after closing the books of account, no entry c....