Practical Accounts And Taxation
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Revised Returns Filed after issuance of Scrutiny notice is valid: IT Appellate Tribunal
An Assessee filed IT Retun for his income, later on he sold his house property and filed revised return in which he offered long term capital gain and claimed deduction under section 54.
The Assessing office held that the revised return itself is invalid since it was filed after scrutiny notice was issued and hence deduction under section 54 cant be allowed. Assessee filed appeal before commissioner who continued AO's stand. An Assessee filed instant appeal before ITAT in which ITAT held that there is no question that assessee has filed his IT return properly and he offered a revised returns in which he offere long term capital gain.
since assessee filed revised returns within prescribed time limits and there are no restrictions u/s 139(%) about filing revised returns post issuance of scrutiny notice. so revised retuns cant be termed as invalid and therefore claim for deduction u/s 54 is allowed and valid.
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