TaxTMI 
TaxTMI 
2009 (1) TMI 59
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.... he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, the return shall be treated as an invalid return and the provisions of this Act shall apply as if the assessee had failed to furnish the return: Provided that where the assessee rectifies the defect after the expiry of the said period of fifteen d....
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.... (b) such certificate is produced within a period of two years specified under sub-section (14) of section 155; (c) The amount of compulsory deposit, if any, claimed to have been made under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 (38 of 1974); (d) Where regular books of account are maintained by the assessee the return is accompanied by copies of - (i) manufacturing account, trading account, profit and loss account or, as the case may be, income and expenditure account or any other similar account and balance sheet; (ii) In the case of a proprietary business or profession, the personal account of the proprietor; in the case of a firm, association of persons or body of individuals....
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....ed to furnish any return. It is, therefore, apparent that an Assessing Officer cannot make an assessment on an invalid return. 2. In so far as, the question of invalid return in the present case is concerned, the same has to be determined in reference to Section 140 of the 1961 Act, which inter-alia mandates, that a return submitted by an assessee is required to be signed and verified by him. In so far as, the present controversy is concerned, it is not a matter of dispute, that the return under reference was neither signed by the assessee nor verified in terms of the mandate of Section 140 of the 1961 Act. It is in the aforesaid circumstances, the Income Tax Appellate Tribunal vide its order dated 29.2.2008 (Annexure A-3) set aside the ....
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....led the return in response to a notice issued to her under Section 148 of the 1961 Act, as the return earlier filed by her as a member of HUF, was treated as a defective return. 4. Having given our thoughtful consideration to the submission advanced by the learned counsel for the appellant, we are of the view, that the provisions of Section 292B of the 1961 Act, do not authorize the Assessing Officer to ignore a defect of a substantive nature and it is, therefore, that the aforesaid provision categorically records, that a return would not be treated as invalid, if the same "in substance and effect is in conformity with or according to the intent and purpose of this Act". In so far as, the return under reference is concerned, in terms of ....