Hindamachar Ltd. vs The Union Of India & Ors.*

Whether a return filed by a company must mandatorily be signed by its managing director under s. 140(c) of the Income Tax Act, or can it be filed by an authorized signatory duly appointed by a board resolution? --- Held: No, it is not mandatory; the word 'shall' in s. 140(c) is directory, not mandatory, and a return signed by an authorized person is valid. Whether non-signing by the managing director is a curable defect under s. 292B, requiring the AO to provide an opportunity to rectify under s. 139(9)? --- Held: Yes, it is a curable defect, and the AO must issue a notice to cure it. Whether the AO's assumption of jurisdiction under s. 154 to declare the return invalid was legal? --- Held: No, it was not legal as there was no mistake apparent from record. Whether the claim for refund could be denied as time-barred under s. 239? --- Held: No, s. 239 is not applicable as the refund arose from regular assessment and s. 240 obligates the Revenue to issue refund without a separate claim.