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2021 (10) TMI 420 - HC - Income TaxRectification u/s 154 - incorrect carry forward of loss to be rectified relating to the assessment years 2003-04 and 2004-05, as return of income for the assessment years were not filed in time - CIT (Appeals) rejected the claim of carry forward of the loss, further observing that the assessee had not moved any application to CBDT for condonation of delay in filing the loss return - HELD THAT:- Admittedly, the return for the relevant assessment year herein was filed on 02.11.2004 instead of 31.10.2004. As per Section 139(1) and the explanation to thereto, ‘due date’ means, 31st day of October of the assessment year. As aforesaid, 139(3) makes it clear that the return has to be filed as per sub- Section (1) of Section 139 for carrying forward and setoff of losses. If any order was passed inadvertently u/s 143 sans considering the date of filing of the return for losses, the same certainly is an error apparent on the record, which do not require any further adjudication. Hence, the finding of the authorities on this issue cannot be faulted with. Accordingly, the questions of law raised are answered in favour of the assessee and against the revenue. We reserve liberty to the assessee to file an application under Section 119(2)(b) of the Act before the competent authority seeking for condonation of delay in filing returns and thereafter to seek for carry forward of loss to the subsequent assessment year which were incurred during the assessment year 2004-05. If such an application is filed by the assessee within a period of two weeks from the date of receipt of certified copy of the order, the same shall be considered by the competent authority in accordance with law, in an expedite manner and the consequential reliefs shall be extended accordingly.
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