2022 (9) TMI 588

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....3) of the Act, by Asstt. CIT, Circle-13, Pune [for short "AO"], for assessment year [for short "AY"] 2012-13. 2. The solitary dispute contested by the present appeal spins around the validity of revised return filed vis-a-vis claims made thereunder, where the original return of income was filed belatedly u/s 139(4) of the Act. 3. Before travelling to facts, it's necessary to reproduce the grounds assailed by the appellant as; 1. The learned CIT(A)-8, Pune erred in law and on facts in upholding the action of the learned ACIT, Circle-13, Pune (hereinafter referred to as the learned AO) in not considering the revised return of income filed by the appellant u/s 139(5) of the ITA, 1961 as original return of income was filed beyond....

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.... income of Rs.1,28,93,465/- which subsequent e-filing revised to Rs.31,06,517/- on 18/03/2014 for the reason of change in capital gain computation. When the case of the assessee was subjected to scrutiny by service of notice dt. 04/09/2014 u/s 143(2) of the Act, the authorised representative appearing for the assessee [for short "AR"] made written submissions and put forth detailed reasoning and circumstances which led to filing of incorrect belated return of income vis-à-vis revised return. Considering the factual matrix & evidential material laid in the course of regular assessment proceedings, the Ld. AO in the light of then applicable provisions, turned off the revised return as non-est in the eye of law and finalised the assessm....

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....ced by the appellant were duly considered & examined by the Ld. AO in finalising regular assessment proceedings u/s 143(3) of the Act hence, there remains no cloud in the sky for altering the real income actually earned & reported by the appellant in his belated return and rightly assessed by the Ld. AO u/s 143(3) of the Act. 7. After hearing to the rival contentions of both the parties; and subject to the provisions of rule 18 of Income Tax Appellate Tribunal Rules, 1963 [for short "ITAT, Rules"] perused the material placed on records and duly considered the facts of the case in the light of settled legal position and the case laws relied upon by the appellant assessee as well the respondent revenue. 8. The adjudication for the impug....