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2004 (2) TMI 58 - HC - Income TaxRevised return - A bare perusal of sub-sections (3) and (5) of section 139, more particularly the provision contained in section 139(3), makes it clear that a return of loss filed u/s 139(3) may be filed within the time allowed under section 139(1). Once such a return is filed, all the provisions of the Income-tax Act shall apply as if such return has been filed u/s 139(1) - In view of such a specific provision, there is no reason to exclude the applicability of section 139(5) to a return filed under section 139(3) – Thus, Tribunal was right in holding that the assessee could file a revised return u/s 139(5) claiming a higher amount of business loss to be carried forward after filing the return of loss within the due date prescribed u/s 139(3)
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