No Jurisdiction to AO for considering Claim by Assessee in Revised Return filed after Time Prescribed u/s 139(5) of Income Tax Act: Supreme Court

The Supreme Court has ruled that the Assessing Officer (AO) has no jurisdiction to consider a claim by the assessee in a revised return filed after the time prescribed under Section 139(5) of the Income-tax Act. The case involved a dispute over the validity of a revised return filed by a taxpayer after the deadline. The AO had considered the claim made in the revised return, leading to a dispute over the AO’s jurisdiction. The Supreme Court found that the AO cannot consider claims in revised returns filed after the statutory deadline, emphasizing the importance of adhering to prescribed timelines. This ruling clarifies the limitations on the AO’s authority and underscores the need for taxpayers to file revised returns within the specified period. Taxpayers should ensure timely filing of revised returns to avoid disputes and ensure their claims are considered. The decision highlights the importance of compliance with statutory deadlines in tax matters.