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2015 (9) TMI 427 - AT - Income TaxBenefit of carry forward of set off of loss for A.Y. 2004-05 - non filing of return within due date - assessee is a co-operative bank assessed in the status of AOP and carries on banking business - Held that:- Admittedly, in the case of assessee, the return of income was not filed within the due date and therefore the loss for A.Y. 2004-05 has not been determined in accordance with the provisions of sub-section (3) of 139 for A.Y. 2004-05. Such a loss cannot be therefore set off against the profits of A.Y. 2006-07. In terms of section 119(2)(b) of the Act, the CBDT alone has the power to condone the lapse on the part of assessee in not filing the return of income for the A.Y. 2004-05 within the statutory time permitted u/s. 139(3) of the Act. In this case, the time for making such application to CBDT had expired by the time the AO issued show cause notice u/s. 154 to the assessee for the A.Y. 2006-07. Thus, the assessee was taken by surprise and could not exercise the remedies in law, even though it had very genuine and reasonable cause for not filing return of income for A.Y. 2004-05 on or before the due date u/s. 139(1) of the Act. It is not possible to allow relief to the assessee based on equitable considerations, since equity and tax laws are strangers to each other. In view of the specific provisions of section 80 of the Act, we are of the view that claim of the assessee cannot be entertained. We are of the view that the revenue authorities were justified in denying the claim of set off of loss for A.Y. 2004-05 in the assessment of income for A.Y. 2006-07. - Decided against assessee.
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