2007 (11) TMI 263

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....he judgment of the court was delivered by Deepak Gupta J.— The following questions have been referred for the opinion of this court under section 256 of the Income-tax Act, 1961 : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding the view of the Commissioner of Income-tax (Appeals) that the assessee is entitled to ....

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....rity at the time of finalization of the return and the audit report has been filed, he can do so even if the audit report has been filed at a later stage. 4. The Madhya Pradesh High Court in CIT v. Panama Chemical Works [2000] 245 ITR 684, held that the filing of the audit report even during the assessment proceedings amounted to substantial compliance with the statutory requirement of the Act.....

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....nt is made." 6. A bare perusal of the aforesaid relevant provisions shows that any assessee who had furnished a return under sub-section (1) or sub-section (2), discovers any omission or any wrong statement, he can file a revised return at any time before the assessment was made. In this case, as the assessment had not been finalized, the assessee was well within his rights to file a revised re....

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....me, the assessee filed a revised return on March 19, 1983. As far as the assessment year 1980-81 is concerned, the original return was filed on August 18, 1980. The assessment under section 144 was completed on March 24, 1983, and the return was finalized on the said date. An application under section 146 was moved on behalf of the assessee for reopening the assessment and the assessment was reope....