TMI Blog2004 (2) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee could file a revised return u/s 139(5) claiming a higher amount of business loss to be carried forward after filing the return of loss within the due date prescribed u/s 139(3) - - - - - Dated:- 23-2-2004 - JUDGMENT The judgment of the court was delivered by P.K.MISRA J. - This appeal has been filed by the Commissioner of Income-tax, Coimbatore, under section 260A of the Income-tax Act, 1961. The respondent is a co-operative society. For the assessment year 1991-92, the respondent-society filed its return declaring a loss of Rs. 80,63,122 and claimed the benefit of carry forward of the said loss. Subsequently, a revised return was filed after the final audit of accounts indicating higher loss. The Assessing Officer restric ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that once a return of loss is filed under section 139(3), it takes the character of return filed under section 139(1) in respect of which the assessee can file a revised return claiming a higher amount of loss, under section 139(5)?" After hearing the learned counsel for the appellant at length and after considering the relevant provisions and the materials on record, we do not consider this as a fit case for admission, as, according to us, no substantial question of law arises for determination. To appreciate the contention of learned counsel for the appellant, it is necessary to refer to the relevant provisions, namely, sections 139(3) and 139(5) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This position is clear from the expression " . . . all the provisions of this Act shall apply as if it were a return under sub-section (1)." In other words, a return filed under section 139(3) is deemed to be a return filed under section, 139(1). The provision contained in section 139(3) makes it clear that all the provisions of this Act shall apply to such a return as if it were a return under section 139(1). In view of such a specific provision, there is no reason to exclude the applicability of section 139(5) to a return filed under section 139(3). Learned counsel appearing for the appellant has further submitted that section 80 of the Income-tax Act, which contains the provision relating to carry forward of loss, does not contemplate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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