In the aforesaid Rules, after rule 14, a following new rule shall be inserted, namely,-
â14A. Revision of a return by a registered person.-
(1) Where any registered person wishes to revise his return resulting in payment of tax over the tax already paid on the original return and prior approval of such revision is required under sub-section (3) of section 26 of the Act, regardless whether or not such person has already filed to the Commissioner any application for approval of such revision, may file his revised return and pay the differential amount of tax along with the default surcharge, if any, without such approval from the Commissioner and without any penalty whether adjudged or not.
(2) The time limitation of one hundred and twenty days prescribed in the sub-section (3) shall not apply to revision of returns made by a registered person under sub-rule (1).