TMI Blog2008 (6) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... rn filed by the assessee is non est for the reason that it was not signed and verified in accordance with the scheme of section 140(c) of the Act. As a corollary to this finding, learned CIT(A) also holds that the loss incurred by the assessee in this year is not eligible for carry forward and set off against future incomes. It is this finding which is mainly challenged in the appeal before us. 3. Before we address ourselves to the question whether or not the return filed by the assessee was indeed not signed and verified in accordance with the scheme of section 140(c), it is essential to understand the nature of assessee-company before us. The related facts are not in dispute. The assessee-company was formed under Maharashtra Krishna Val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perused the material on record and duly considered factual matrix of the case as also the applicable legal position. 5. We agree with the learned CIT(A) that under section 140(c), and in the case of a company, an Income-tax return is to be signed and verified by managing director of the company, and where there is no managing director of the company, it is to be signed by any of the directors. There is admittedly no director in the assessee-company, and, therefore, there is no occasion for signing of Income-tax return by the managing director. The next thing to be seen is whether there is a director in this company. There is no person by the designation of director in this company. Section 2(20) of the Income-tax Act defines the express ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ption of director under section 2(13) of the Companies Act. Since it is nobody s case that there is any managing director of the assessee-company, the requirement of section 140(c) of the Income-tax Act will be complied with as long as any of the directors, i.e., any of the members of the executive committee of the assessee-company on the facts of this case, signs and verifies the Income-tax return. The Income-tax return is signed by Chief, Accounts and Finance of the Corporation, who is one of the members of the executive committee of the assessee-company, and, accordingly, section 140(c), on the facts of this case, is complied with. We, therefore, vacate the findings of the CIT(A) that the Income-tax return filed by the assessee was a n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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