Limitation period for assessment of individual when revised return is filed.

Querist : Anonymous (Querist) 28 April 2011 This query is : Resolved
DEAR SIR, I FILED THE RETURN OF INCOME FOR AY 08-09 ON UNE 30,08. SUBSEQUENTLY I FILED A REVISED RETURN FOR THE SAME ASSESSMENT YEAR 08-09 ON MARCH 31,10 . THE ASSESSMENT HAS YET NOT BEEN FINALISED. MY QUERY IS ;- WILL THE MANDATORY THREE YEAR PERIOD FOR TAX AUTHORITIES TO ASSESS THE RETURN BE OVER BY MARCH 31,2011 OR MARCH 31,2013, 3 YEARS AFTER FILING THE REVISED TAX RETURN FOR AY 08-09 THANKING YOU VINAY KALA APRIL 28,11

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R.Ramachandran (Expert) 28 April 2011
Section 153 of the I.T.Act provides as under:
(1) No order of assessment shall bemade under Sec. 143 or Sec. 144 at any time after the expiry of -
(a) twenty one months from the end of the assessment year in which the income was first assessable; or
(b) one year from the end of the financial year in which a return or a revised return relating to the assessment year .....is filed under sub-section(4) or sub-section (5) of Section 139 whichever is later;"

In your case, since you have filed the revised return in the AY 2009-10, the period will get over by 31.3.2011.

Arun Bhatia (Expert) 28 April 2011
Mr. Vinay
Under the provisions of section 153(1), assessment under section 143/144 has to be made within a period of 21 months from the end of the relavent assessment year. In your case, the time is already over on 31-12-2010.