Under the Income tax law a revised return can be furnished at any time before expiry of one year from the end of the relevant assessment year or the completion of assessment, whichever is earlier. As assessments are seldom made earlier than the one year period the one year deadline find more relevant. For instance for the return furnished for A Y 2010-11the deadline for revision is to end in March 2012. After the Supreme Court ruling in Goetze case the assessee is prevented from making any fresh claims by way of revision of return beyond one year deadline.
The Orissa High Court decision in Orissa Rural Housing Development Corporation Ltd. vs. Ass CIT (2012) 66DTR73 is a reminder to all assessee’s to push forward their fresh claims or amendments or corrections by way of filing of revised return before end of deadline. In a further statement the Court held that to hold such claim valid it is further desirable that the omission or wrong statement in the original return must be due to a bona fide inadvertence or mistake on the part of the assessee.
In this case the assessee filed original return on accrual basis. Later during assessment proceedings it came up with revised statement of income following cash basis. The High Court held that:
1) this kind of revision is not possible even by filing a revised return unless accounts are also revised; &
2) further any amendments or corrections are possible only if the return is revised.
2.7bn the no of people who will face severe water shortages by 2025 if consumption continues at current rates. An estimated 1.8 bn people will live in areas plagued by water scarcity and 36 countries with 1.4 bn people are projected to be either freshwater scarce or cropland scarce.