Revised return cannot transform original return in to a return U/s 139(3) so as to avail the benefit of carrying forward or set-off of any loss

 

Recently, Supreme Court in case of PCIT v. Wipro Ltd (SLP (Civil) No. 7620/2021) has held that filing a revised return under section 139(5) of the Income-tax Act, 1961 and taking a contrary stand and/or claiming the exemption therein, which was specifically not claimed earlier while filing the original return of income is not permissible.

The revised return filed by the assessee under section 139(5) can only substitute its original return under Section 139(1) and cannot transform it into a return under section 139(3), in order to avail the benefit of carrying forward or set-off of any loss under section 80 of the Act.

The copy of the landmark order on the scope of revised return is as under:

 

Wipro - Revised Return