Any person who has furnished a return u/s.139(1) or in pursuance of a notice issued u/s.142(1) can file a revised return if the assessee discovers any omission or any wrong statement in the return filed earlier. Such revised return can be furnished at any time before the expiry of one year from the end of the relevant assessment year or before completion of assessment whichever is earlier.

Where belated return is filed u/s.139(4), assessees cannot file a revised return u/s.139(5).

The provisions of sec.139(5) provide that a revised return can be filed Only where a return has been furnished u/s.139(1) or in response to a notice issued u/s.142(1) - Kumar Jagadish Chandra Sinha Vs. C1T 220 ITR 67 (SC).

i) A revised return must be considered as having been filed when the original return was filed.

ii) The effective return for the purposes of assessment is the return ultimately filed by the assessee.

iii) A revised return replaces the original return. Therefore, if the assessee discovers any omission or wrong statement in such a revised return he is entitled to furnish a second revised return,