2020 (9) TMI 414

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....whether the Pr. CIT justified in holding the assessment passed u/s. 143(3) of the Act is erroneous and prejudicial to the interest of revenue in the facts and circumstances of the case. 3. Heard both parties and perused the material available on record. We note that the assessee filed return of income declaring total income of Rs. 18,81,086/- u/s. 139(1) of the Act on 30-03-2013. Further, a revised return of income filed declaring a total income of Rs. 3,01,525/- on 23-12-2013. The Assessing Officer acting upon the revised return of income determined the total income of assessee at Rs. 3,94,290/- vide its order dated 14-11-2014. 4. The Pr. CIT on perusal of the assessment records held that the Assessing Officer ought not to have taken....

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....the Pr. CIT on non-est return declaring the assessment order passed u/s. 143(3) of the Act is erroneous and prejudicial to the interest of revenue is bad under law. Secondly, on merits he referred to page 82 of the paper book and submitted during the course of scrutiny assessment proceedings, the AO issued notice u/s. 143(2) of the Act requesting the assessee to submits copy of details of sale and purchase of properties in support of claim u/s. 54F of the Act. He referred to page 19 of the paper book and submitted that in response to queries regarding sale and purchase of properties were furnished to the AO by letter dated 30-09-2014. He submits on merits also a claim u/s. 54F and cost of improvement has to be accepted otherwise by the AO u....

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....1,086/- u/s. 139(4) of the Act and under revised return of income declared a total income of Rs. 3,01,525/-. It was argued by the ld. AR in the original return of income the cost of improvement and exemption u/s. 54F remained unclaimed by noticing such error the assessee made to file revised return of income by making such claims. The another contention raised by the ld. AR that the assessee is entitled to file revised return of income if it discovers any omission or any wrong statements in terms of amendment u/s. 139(5) of the Act. 8. Sub-section (5) of section 139 of the Act substituted by the Finance Act, 2016 w.e.f. 01-04-2017 where it explains if any person, having furnished a return under sub-section (1) or sub-section (4), discove....