From the following particulars furnished by Mr. Suresh, aged 53 years, a resident Indian for the previous year ended March 31, 2022, you are requested to compute his total income and tax payable for the Assessment Year 2022-23. (Assuming he does not opt for the Section 115BAC): (i) He sold his vacant land on 09.12.2021 for ₹15 lakhs. The Stamp Duty Value (SDV) of land at the time of transfer was ₹19 lakhs. The fair market value of the land as on 1st April, 2001 was ₹6 lakhs (SDV is ₹ 5,00,000). This land was acquired by him on 05.08.1996 for ₹ 3.40 lakhs. He had incurred registration expenses of ₹ 15,000 at that time. The cost of inflation index for the year 2021-22 and 2001-02 are 317 and 100, respectively. (ii) He owns an industrial undertaking established in a Special Economic Zone (SEZ) and which had commenced operation during the financial year 2019-20. Total turnover of the undertaking was ₹300 lakhs, which includes ₹120 lakhs from export turnover. This industrial undertaking fulfils all the conditions of Section 10AA of the Income-tax Act, 1961. Profit from this industrial undertaking is ₹30 lakhs. (iii) He has income of ₹10,000 from crossword puzzles and ₹ 15,000 gross interest from bank fixed deposit. (iv) Tuition fees of ₹36,000 for his three children to a school. The fees being ₹ 12,000 p.a. per child.

Mr. Kabra is engaged in the business of growing and curing (further processing) coffee in the state of Karnataka. The whole of coffee grown in his plantation is cured. Relevant information pertaining to the year ended 31-03-2022 is given hereunder: PARTICULARSAMOUNT ₹ Opening balance of the car as on 01-04-20213,00,000 Opening balance of machinery as on 01-04-202115,00,000 Expenses incurred in growing coffee3,10,000 Expenses of curing coffee3,00,000 Sale value of cured coffee22,00,000 The car is used for the agricultural operations and the machine was used for coffee curing business operations. Compute the income arising from the above activities for the assessment year 2022-23 and the written down value as on 01-04-2022 (WDV as on 31-03-2022 less depreciation for the P.Y. 2021-22).

Explain with brief reasons, whether the return of income can be revised under Section 139(5) of the Income-tax Act, 1961 in the following cases: (i) Belated return filed under Section 139(4) (ii) Return already revised twice under Section 139(5) (iii) Return of loss filed under Section 139(3) OR Due to some inconsistent information provided in the return of income furnished under Section 139(1), the Assessing Officer considers it defective under Section 139(9) of the Income-tax Act, 1961. (i) How, the Assessing Officer would deal with the issue? (ii) What are the consequences if defect is not rectified within the time allowed? (iii) Specify the remedies available if not rectified within time allowed by the Assessing Officer?