Under the existing provisions of section 139(5), revised return can be filed only if original return contains any omission or any wrong statement. Post demonetization of the currency, some taxpayers may misuse this provision to revise the return-of-income of earlier Assessment Years, for manipulating the figures of income, cash-inhand, profits, etc. with an intention to show the current year’s undisclosed income in the earlier return.
Thus, the CBDT has clarified that the provision to file a revised return of income has not been stipulated for making changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income. Any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits, etc. may necessitate scrutiny of such cases so as
to ascertain the correct income. It may also attract penalty or prosecution in appropriate cases.