M/S. GRIDCO LIMITED,BHUBANESWAR vs. DCIT, CORPORATE CIRCLE-1(1), BHUBANESWAR

ITA 148/CTK/2018Status: DisposedITAT Cuttack29 March 2023AY 2014-157 pages
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What did the Tribunal hold?

The Tribunal held that the revised returns filed within the time prescribed under Section 139(5) are valid and efface the original return. The AO was directed to redo the assessment considering the revised return.

What were the facts?

The assessee, a PSU, filed an original return with positive income, then revised it twice to show losses. The AO rejected the revised returns, treating the original as the valid one. The assessee contended that the revised returns were filed within the due dates and should be considered.

What were the issues?

Whether revised returns filed by a company showing losses, after filing an original return with positive income, are valid and should be considered for assessment. Whether the decision in Wipro Ltd. is applicable to the facts of this case.

Which sections of the Income-tax Act were involved?

Section 139(1),Section 139(3),Section 139(5),Section 80,Section 140A(3)

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, CUTTACK BENCH, CUTTACK

Before: S/SHRI GEORGE MATHAN & ARUN KHODPIA

For Appellant: Shri Ved Jain/P.V.Rao, ARs
For Respondent: Shri M.K.Gautam, Pr. CIT (OSD)

Per Bench

ITA No.42/CTK/2018: Asst.year: 2014-15

This is an appeal filed by the assessee against the order of the ld CIT(A)-1, Bhubaneswar, dated 13.10.2017 in Appeal No.0154/16-17 for the assessment year 2014-15. 2. It was submitted by ld AR that the assessee is a Public Sector Undertaking, which had filed its return of income for the relevant P a g e 1 | 7 Assessment Year : 2014-15 Assessment Year: 2014-15

assessment year on 29.11.2014 showing positive income. Subsequent to the audit of the assessee’s account, the assessee filed revised return u/s.139(5) on 24.6.2015 disclosing a loss of Rs.306 crores. Subsequently, on 18.2.2016, the assessee filed another revised retur

The order continues below.

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