Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (8) TMI 265 - AT - Income TaxCarry forward the loss claimed in the revised return of income - Return filed by the assessee u/s. 139(5) - HELD THAT:- We find merit in the submission of the Ld. AR. On an identical circumstance in KERALA STATE ELECTRONICS DEVELOPMENT CORPORATION LTD VERSUS DY. CIT, CIR. 1 (1) THIRUVANANTHAPURAM [2012 (3) TMI 655 - ITAT COCHIN] had set-aside the order of the AO and the CIT (A) and directed the AO to process the revised return filed by the assessee u/s. 139(5) of the Act quantifying the loss in accordance with law by treating the return of loss filed u/s. 139(3) of the Act as if the return of income had been filed u/s. 139(1) of the Act. In the case of the assessee, it is apparent that the assessee had filed its return of loss within the due date of filing of the return U/s. 139(3) of the Act i.e., on 30/09/2015. Further, the assessee has revised its loss return for the second time u/s. 139(5) of the Act on 13/02/2017 i.e., within the expiry of one year from end of the relevant assessment year 2015-16. We hereby hold that the return filed by the assessee u/s. 139(5) of the Act is in accordance with law and therefore the assessee is entitled to carry forward the loss claimed in the revised return of income dated 13/02/2017 provided such loss computed is as per the provisions of the Act. - Decided in favour of assessee.
|