Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 1006 - HC - Income TaxValidity of order u/s 154 of the Act Rectification of order - Benefit of carry forward of business loss u/s 80 of the Act Original return filed not a loss return u/s 139(3) of the Act - Held that:- The assessee had filed return of income declaring the total income on 6-1-1998 - the Assessing Authority once again determined total loss and allowed it to be carried forward - the order allowing the loss to be carried forward was modified invoking Section 154 of the Act - The reasoning of the Appellate Authority that the assessee has not declared the loss within the time specified u/s 139(1) and 139(3) of the Act is factually incorrect the business loss was allowed to be carried forward - The assessee has not violated any of the conditions u/s 80 of the Act - The assessee had shown positive income in the returns, but in the assessment, the business loss was determined by the AO thus, the assessee is entitled for the benefit of carry forward of business loss - Whether loss ultimately determined by the Assessing Officer was liable to be carried forward or not, is a debatable issue Invocation of section 154 is not available for the AO thus, the order of the Tribunal is upheld Decided against Revenue.
|