Supreme Court: Assessing Officers Cannot Consider Claims in Late Revised Tax Returns, Upholds Deadline Strictness.

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....The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the revised return was time-barred, there was no provision to consider the appellant's claim. The Supreme Court held that the assessing officer cannot entertain any claim made by the assessee other than by following the provisions of the Income Tax Act. When a revised return was filed beyond the limitation period u/s 139(5), the assessing officer had no jurisdiction to consider the claim made therein. The Tribunal erred in directing the assessing officer to consider the appellant's claim in the time-barred revised return, as it should have exercised its power u/s 254 to consider th.........