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2011 (7) TMI 399 - ITAT MUMBAICarried forward of loss determined under section 74 read with section 80 - long-term capital loss - The assessee filed original return u/s 139(1) in which the positive income was declared - Even as per the assessment order positive income is determined as the assessee could not set off the loss on the sale of the shares of Phiolx Pharma Ltd. in the year itself - As per the language used in section 139(3), it is contemplated that when the assessee files the original return, at that time, there should be loss and the assessee desires to claim said loss to be carried forward and set off in future assessment years - Held that:- Sub-section 139(1) cast statutory obligation on the assessee when there is positive income - As the assessee filed its original return declaring the positive income and hence, subsequent revised return is valid return also and therefore the assessee is entitled to carry forward of 'long-term capital loss' - Thus, direct the Assessing Officer to allow the assessee to carry forward the loss.
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