Good news for tax payers.

Good news for taxpayers. They can now not only file a revised income tax return (ITR) after a notice has been issued by the Income Tax Department, but even the tax benefit claimed by them in the revised return can’t be denied by taxmen simply on the ground that the revised ITR has been filed after the issue of notice.In the case of Mahesh H. Hinduja Vs Income Tax Officer, Mumbai, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that a revised return can be filed after the issue of a notice and the benefit claimed therein can’t be denied, although the revised ITR has to be filed within the time limits set out in the Income Tax Act.Thus, as per the landmark judgement by the Income Tax Tribunal, now a taxpayer can claim deduction by filing a revised IT return even after the issue of notice by the Income Tax Department, provided the revised return is filed within the time limit prescribed under Section 139(5) of the IT Act.