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2022 (3) TMI 375 - AT - Income TaxValidity of Revised return u/s 139(5) - Benefit of carry forward of loss to the assessee as per the revised return, treating the first return filed without Tax Audit Report as valid return of income - HELD THAT:- As decided in assessee’s own case for assessment year 2003-04 where the Tribunal after considering relevant facts has rightly held that when the assessee has filed revised return within due date prescribed u/s.139(5) of the Act, then revised return filed, would be valid return and on that basis the Assessing Officer should allow set off of carry forward losses of earlier year. As consistent with the view taken by the co-ordinate Bench in the assessee’s own case for earlier assessment year, we are of the considered view that there is no error in the reasons given by the learned CIT(A) and direct the Assessing Officer to accept revised return filed by the assessee u/s.139(5) of the Act, and allow set off of brought forward losses of earlier years against current year income - Decided against revenue.
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