Revised return can be filed even after I-T issues notice: ITAT

Several taxpayers, who make a mistake in filing the original I-T return, such as not disclosing capital gain or claiming a deduction will be benefited by this order, passed by the Mumbai bench of the ITAT.

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Mumbai: Income-tax appellate tribunal (ITAT) in a recent ruling has said that a tax benefit claimed by a taxpayer in his revised income-tax return cannot be denied outright by an income-tax (I-T) officer merely because the revised return has been filed after issue of notice, the Times of India said in a report.

Several taxpayers, who make a mistake in filing the original I-T return, such as not disclosing capital gain or claiming a deduction will be benefited by this order, passed by the Mumbai bench of the ITAT. However, the taxpayer needs to file the revised return in time to claim this benefit. According to section 139 (5) of I-T Act, a revised return can be filed not later than 12 months from the end of financial year or before completion of income tax assessment, whichever is earlier.