YOUR QUERY: yet only receive notice u/s 143 (3), in its first hearing dt. 06.09.2013 date, ITO accepted Vakalatnama only and said to lawyer that he will send next notice. Till today nothing received from department. thats why i am asking can i file revised incometax return of that assessee to save panelty atleast.
Reply:You can file a 'revised ITR' under Section 139(5), if one year has not expired from the end of the relevant Assessment Year, ie; if the ITR is for the Assessment Years 2012-13 or 2013-14, and if the original ITR had been filed under Section 139(1) or in response to a Notice under Section 142(1).
However there is no assurance that filing the return will save you from penalty proceedings under Section 271(1)(c) for concealment of the income, though you can definitely plead for a lenient view.