TaxTMI 
TaxTMI 
2021 (12) TMI 55
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....on 28.07.2020 at Annexure- 'C3' to this Petition; (b) Pending the admission, hearing and final disposal of this petition, to direct the Respondents to accept and process the revised return of income of the Petitioner for AY 2018-19 as filed on 28.07.2020 at Annexure- 'C3' to this Petition; (c) any other and further relief deemed just and proper by granted in the interest of justice." 2. Brief facts leading to the present petition are as follow: 2.1 The Deep Industries Limited was having business of Oil and Gas exploration and production and oil and Gas Services. It decided to demerge its Oil and Gas services business therefore a scheme of arrangement was formulated and a company application was moved before the Natio....
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....major grievance on the part of the petitioner. According to whom, by the time, NCLT passed the order, the time limit to file the revised return under Section 139(5) of the Act had expired and it was not possible for the petitioner to file the revised return online and though it had attempted to so do it, it was not permitted and this approach on the part of the respondent is sought to be challenged. 2.7 Affidavit-in-reply is filed by the respondent urging inter alia that this was protective assessment in case of the assessee, which is permissible under the law and there was no scope for revised return otherwise than via electronic manner. 3. The case of Deep Energy Resources was selected for scrutiny through Computer Assisted Scrutiny....
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....ely on the decision of DALMIA POWER LIMITED VS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, TRICHY, reported in (2020) 420 ITR 339 (SC). According to him, the Apex Court had examined the provision of Section 139(5) in particular to hold that the provision is not applicable since the revised returns were not filed on account of omission or wrong statement. The delay occurred on account of the time taken to obtain the sanction of the Schemes of Arrangement and Amalgamation from the NCLT, if it is to be construed then the very provision will not be applicable. 6.1 He, therefore, has urged that there is no question of any delay in filing the revised return. He has further sought to rely on the decision of Principal Commissioner of Income-....
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.... this was in complete disregard to the fact that the order of the NCLT had come on 17.03.2020 and therefore, it was not possible for the petitioner to so do it within time framed as set under Section 139(5) of the Act as the appointed date as per the order of the NCLT is fixed on 01.04.2017, the petitioner would be entitled to file the revised return and in wake of the decision of this Court in case of Principal Commissioner of Income-Tax & Others Vs. Babubhai Ramanbhai Patel the original return under Section 139(1) will pay insignificance and would not survive. The respondent authority therefore not considered the revised return and needs indulgence at the ends of the Court. 9. Resultantly, the assessment which has been finalized shall ....