TMI Blog2012 (6) TMI 655X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT C.N. Ramachandran Nair , J. Question raised in the appeal filed by the assessee is whether the Tribunal was justified in confirming assessment declining to carry over unabsorbed loss computed by the Assessing Officer for the year 2005-06. 2. We have heard learned counsel appearing for the appellant and have gone through the orders of the Tribunal. 3. The assessee, a limited company, posted income tax return for the assessment year 2005-06 through registered post on the last date provided for filing the return i.e. 31/10/2005. Admittedly, the return so filed through registered post on the last day for filing return was received by the Assessing Officer on 02/11 /2005. Even though the return was not filed in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. For easy reference Sections 139(3) and 80 are extracted hereunder:- "Section 139(3) : If any person who has sustained loss in any previous year under the head "Profits and gains of business or loss" or under the head "Capital gains", and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, or sub-section (1) or sub-section (3) of section 74, or sub-section (3) of section 74A, he may furnish, within the time allowed under sub-section (1), a return of loss in the prescribed form and verified in the prescribed manner and containing such other particulars as may be prescribed, and all the provisions of this Act shall apply as if it were a return under sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn filed in time. Return can be filed at any time within one year from the end of the relevant assessment year and such return is also a valid return based on which assessment can be completed. Therefore, the Assessing Officer was perfectly justified in making assessment based on the return filed under Section 139(4). In this case the Assessing Officer completed the assessment by refixing business loss in deviation from the return filed and also computed unabsorbed depreciation. In our view, the Tribunal rightly declined assessee's claim for carry forward of unabsorbed business loss because provisions of Sections 139(3) and 80 disentitle the assessee to carry forward unabsorbed business loss. However, there is no provision similar to Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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