The Income Tax Department on March 07, 2024, issued a notification regarding the Updated return filed under section 139(8A)
The following has been stated namely: -
•It states that The provision of section 139(8A) shall not apply, if the updated return, —
(a) is a return of a loss; or
(b) has the effect of decreasing the total tax liability determined based on return furnished under sub-section (1) sub-section (4) or sub-section (5); or
(c) results in a refund or increases in the refund due on the basis of return furnished under sub-section (1) sub-section (4) or sub-section (5), of such person under this Act for the relevant assessment year:
•It further states that a person shall not be eligible to furnish an updated return under this sub-section, where—
(a) a search has been initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132A in the case of such person; or
(b) a survey has been conducted under section 133A, other than sub-section (2A) of that section, in the case of such person; or
(c) a notice has been issued to the effect that any money, bullion, jewelry or valuable article or thing, seized or requisitioned under section 132 or section 132A in the case of any other person belongs to such person; or
(d) a notice has been issued to the effect that any books of account or documents, seized or requisitioned under section 132 or section 132A in the case of any other person, pertain or pertains to, or any other information contained therein, related to, such person, for the assessment year relevant to the previous year in which such search is initiated or survey is conducted or requisition is made and any assessment year preceding such assessment year
