Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 740 - AT - Income TaxCarry forward of the short term capital loss - Addition on the ground that same has not been claimed in the return of income filed under section 139(1) - whether the ‘short-term capital loss’ claimed in the return of income filed in response to notice issued under section 153A of the Act can be allowed to carry forward to the assessee for subsequent years? - HELD THAT:- As assessee has referred to the decision of the Tribunal in the case of BE Billimotrai & Co Ltd. [2020 (2) TMI 485 - ITAT MUMBAI] wherein the assessee filed regular return of income on 27/09/2013 i.e. within the due date prescribed under section 139(1) of the Act, but same was not accompanied by the audit report as required under section 44AB of the Act. Subsequently the assessee filed revised return of income on 31/03/2014, where the assessee filed the audit report. Assessing Officer completed the assessment under section 143(3) of the Act, allowing carry forward of the loss as shown in the revised return of income. The Ld. CIT invoked proceeding under section 263 of the Act on the ground that the Assessing Officer has erroneously allowed carry forward of the business loss. The Tribunal held that the Assessing Officer had not issued any defective memo in terms of section 139(9) of the Act and therefore defect in the original return of income stood removed by way of filing voluntarily revised return by the assessee. In the circumstances, the Tribunal (supra) held the original return of income filed by the assessee was valid return and holding the assessee eligible for carry forward of the business loss. Thus, in our opinion the ratio of the above decision of the Tribunal is not applicable of the facts of the instant case, as in this case there was no issue of any defect in the original return of income filed under section 139(1) and the revised return of income has only been filed in response to notice under section 153A of the Act, wherein the assessee has claimed the short-term capital loss. - Decided against assessee.
|