2020 (10) TMI 260

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....of the Assessee without giving an opportunity to the Assessing Officer by way of a remand, particularly, when the Assessee has withdrawn the statement unsuccessfully without legal basis ?   3. In this case, the Assessee, for the Assessment Year 2007-08, filed return of income on 31/10/2007, declaring an income of Rs. 1,38,14,410/-. Thereafter, on 13/5/2009, the Assessee filed revised return, disclosing an income of Rs. 5,33,14,420/-. Prior to this date, i.e. on 24/3/2009, a survey was conducted in the premises of the Assessee. In the course of such survey, the Assessee offered to bring to tax income of Rs. 3,50,00,000/- under various heads. It is the case of the Revenue that the revised return was filed in pursuance of this offer. 4.....

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....of limitation, was not justified in addressing the issue of disallowances and thereby recording the finding of fact as if, it were the Assessing Authority. She submits that the ITAT has thus deprived the AO an opportunity of examining the original return filed by the Assessee, as also the evidentiary impact of the revised return upon the same. For these reasons, she submits that the substantial question of law, as framed, is liable to be answered in favour of the Revenue and against the Assessee. 9. Mr. Rao, the learned Counsel for the Assessee defends the impugned order on the basis of the reasoning reflected therein. He submits that there is no dispute in the facts and circumstances of the present case that the revised return was filed b....

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....al return before the AO and, thereafter, directed the AO to assess the original return in accordance with law. This would have afforded both, the Revenue as well as the Assessee, effective opportunity to putforth their respective versions on the issue of disallowances which, normally arise in the course of such assessment proceedings. 12. Accordingly, the impugned order made by the ITAT, to the extent it purports to delete various disallowances or to finalise the assessment, must be interfered with. This later portion of the impugned order is, therefore, set aside. 13. Consequent upon the ITAT's finding that the revised return was filed beyond the prescribed period of limitation, the matter is now remanded to the AO to assess the orig....