Mr. Raghav, who gets his accounts audited under section 44AB filed his original return of income under section 139 for A.Y.2024-25 on 28.12.2024…

Yes, he can do so. If a person has a loss in any previous year and has furnished a return of loss under section 139 (3) on or before the due date of filing return of income u/s 139 (1) , he shall be allowed to furnish an updated return, if such updated return is a return of income. Accordingly, in this case, since the original return of Mr. Raghav was filed on the due date u/s 139 (1) i.e., on 31.10.2025, he can file an updated return within 4 years from the end of A.Y.2025-26, i.e., on or before 31.3.2030. Accordingly, he can file an updated return of income on 30.11.2026 declaring total income of 7lakhs, after paying tax due on such total income along with interest under section 234B and section 234C and additional income-tax at 25% of aggregate of tax and interest payable (since the updated return is filed before 31.3.2027, i.e., before 12 months from the end of A.Y.2025-26).