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November 2024

Glimpses of Supreme Court Rulings

By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
Reading Time 4 mins

12. Shriram Investments vs. The Commissioner of Income Tax III, Chennai (Civil Appeal No. 6274 of 2013 dated 4th October, 2024- SC)

Revised return of income — The Assessing Officer has no jurisdiction to consider the claim made by the Assessee in the revised return filed after the time prescribed by Section 139(5) for filing a revised return had already expired.

The Appellant-Assessee filed a return of income on 19th November, 1989 under the Income Tax Act, 1961 ('IT Act') for the assessment year 1989–90. On 31st October 1990, the Appellant filed a revised return.

As per intimation issued under Section 143(1)(a) of the IT Act on 27th August 1991, the Appellant paid the necessary tax amount.

On 29th October, 1991, the Appellant filed another revised return. The Assessing Officer did not take cognizance of the said revised return.

The Appellant, therefore, preferred an appeal before the Commissioner of Income Tax (Appeals) ('CIT (Appeals)'). By the order dated 21st July, 1993, the CIT (Appeals) dismissed the appeal on the ground that in view of Section 139(5) of the IT Act, the revised return filed on 29th October, 1991 was barred by limitation.

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