M/S Shriram Investments vs The Commissioner Of Income Tax Iii ...

The Supreme Court held that under Section 139(5) of the Income Tax Act, 1961, a revised return filed after the limitation period cannot be considered by the assessing officer. The Court emphasized that the appellate authority's power to consider claims is limited by the statutory provisions, and once a revised return is barred by time, the assessing officer lacks jurisdiction to entertain claims made therein. The Court upheld the High Court's decision that the appellant's claim for deduction of deferred revenue expenditure was not permissible due to the limitation on the revised return.