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2023 (5) TMI 1259 - AT - Income TaxRevised claim made in the return filed u/s 153A - Carry forward of Short Term Capital Loss - long-term capital loss made in the return u/s 153A which has been further revised and claimed as short-term capital loss - HELD THAT:- Since, in the case of the assessee, the original return u/s 139(1) for the year under consideration was filed on 17.10.2016, however, due to search action at the premises of the assessee on 30.11.2017, the assessment for the year under consideration got abated and consequently notice u/s 153A was issued. In the return of income filed u/s 153A, the assessee claimed long term capital loss on the sale of the shares, subsequently, the said return was revised and the assessee claimed that since shares held only for the period of 35 months and therefore, loss arising from the same of those shares was in the nature of the short-term capital loss. In view of the decision of the Hon’ble Supreme Court in the case of JSW Still Ltd. [2020 (2) TMI 307 - BOMBAY HIGH COURT] the return claiming the loss has been filed in terms of section 139(1) of the Act and therefore, the assessee is eligible for carry forward of the loss as per the provisions of law. In the facts of the case, the Assessing Officer need to verify and compute the quantum of loss, therefore , in the interest of substantial justice, we feel it appropriate to restore this issue back to the file of the AO for examining the computation of claim of loss sought to be carried forward by the assessee - Ground of appeal of the assessee allowed for statistical purpose.
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