12 December 2009
As per Section 139(5) of the Income Tax Act; -
If any person, having furnished a return under S.139(1), or according to S.142(1), discovers any ommission or any wrong statement therein; he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
The section says about revised return and not for revised returns.
Hence you can file only one revised return.
However; in the case of Niranjan Lal Ram Chandra v. CIT (1982) 134 ITR 352 (All) it has been held that a revised return replaces the original one. Hence a revised return may again be revised.
To file a revised return; you should file your original return on or before due date.
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