2023 (1) TMI 1169

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eration by the AO, before framing the assessment order passed u/s 143(3) of the Income Tax Act on 27.03.2015, therefore, the assessment need to be made de-novo. 3. Brief facts as noted by the AO are that the assessee company is a Civil/Government Contractor; and his house and business premises were searched by the Income Tax Department on 23.05.2012 (i.e. AY. 2013 14). And thereafter, the AO notes that the assessee for searched assessment year had filed the original return of income u/s 139(1) of the Act on 29.03.2013 (correct date as per assessee was rightly taken note by Ld. CIT(A) as 29.09.2013) declaring total income of Rs. Nil and losses of current year to be carried forwarded of Rs.4,55,25,000/--. As noted earlier, the assessee's p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... filed on 19.03.2015". Therefore, according to the Ld. AR, when the revised return was filed before the AO, he was bound to consider the revised return of income and thereafter he could have assessed the income of the assessee. For that, preposition, he drew our attention to the decision of the Hon'ble Karnataka High Court decision in the case of Magalore Chemicals & Fertilizer Ltd. reported in 59 taxmann 508 wherein the Hon'ble High Court has held that once a valid revised return is filed by assessee, it completely effaces and obliterates original return for all purposes under the Act; and, therefore, according to Ld. AR, it is only the revised return that has to be taken into account for the purpose of making assessment. The Ld. AR took u....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... perused the copy of the original return of income which was shown to him as well as considering the Ld. CIT(A)'s observation that assessee had filed the original return on 29.09.2013, he expressed his satisfaction that assessee had filed the original return on 29.09.2013. Thereafter, the Ld. CIT-DR also perused the copy of the revised return filed on 19.03.2015 and submits that the assessee may have filed the same, but the AO who had framed the assessment may not be aware of the filing of the revised return. Be that as it may, we note as a matter of fact that the assessee had filed the original return of income u/s 139(1) of the Act on 29.09.2013. And thereafter, it has filed the revised return on 19.03.2015 which fact has been admitted by....