Indian Farms Fert. Co-operative Ltd. vs Commissioner of Income Tax

In this reference under section256(1)of the Income Tax Act, 1961 (''Act'') relevant to the assessment year 1975-76, the following question of law has been referred for our opinion:

Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the revised return filed by the assessee on 13-6-1978 was not a valid return?

The original return filed by the assessee on 22-6-1976 was u/s 139(4) of the Act. It was beyond the due date of 30-6-1975. The assessee filed a revised return first on 10-10-1977 and a second revised return on 13-6-1978. The admitted position is that in view of the decision of the Supreme Court in Kumar Jagdish Chandra Sinha (dead) Through LRs. etc. Vs. Commissioner of Income Tax, West Bengal, a return not filed u/s 139(1) cannot be considered as a valid return in respect of which a revised return could be filed in terms of Section 139(5) of the Act.

Under the circumstances, the question referred for our opinion is answered in the affirmative, in favour of the revenue and against the assessee.

The reference is disposed of accordingly.