Whereas a right to substitute an incorrect return with a correct and complete return is given to an assessee by law but for an assessee to have such benefit in all respects including even saving from penalty , it is essential that the revised return be filed in accordance with law vide Court decision in (2021] 17 ITR-OL 744 (Mad).
As in this case the assessee revealed additional income in the revised return filed during the course of running proceedings the AO levied penalty for concealment which stood confirmed by the Court stating that where the revised return was not filed within the time stipulated, the legal nature and attribute of a revised return could not be stricto sensu claimed by the assessee.