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TMI Blog2020 (3) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee company in the revised return when the same was not claimed in original return as legal and valid, which is contrast with the section 80 and section 139(3) of the I.T.Act, 1961." 2. "The appellant craves leave to amend or alter any ground or add new ground which may be necessary. 3. The brief facts of the case are that the assessee has filed its return of income for AY 2012-13 on 29/11/2012, declaring total income of Rs. Nil, being income from business of Rs. 8,18,81,234/-, less set off of brought forward loss of earlier years. The assesee has considered brought forward losses for AY 2009-10 at Rs. 5,75,97,803/- as per revised return filed for that year. The Ld. AO, however restricted the brought forward loss for AY 2009-10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave heard both the parties, perused the material available on record and gone through orders of the authorities below. The assessee has claimed set off for brought forward business loss, as per revised return of income filed for that year. The Ld. AO has allowed loss, as per original return of income filed for that year. According to the Ld. AO, losses of earlier years can be allowed to be set off, as per the provision of section 80, which states that any loss return filed, as per the provision of section 139(3) only can be allowed to be set off, but not loss as per revised return of income filed u/s 139(5) of the I.T.Act, 1961. In the background of above factual position, if you examine the claim of the assesse, we noted that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lear that if assesee incurred a loss, which it claims to be carried forward, then it has to file its return of income within the time stipulated in section 139(1) of the Act, otherwise, the loss will not be carried forward. Since, the assessee has filed original return within the due date prescribed u/s 139(1), then any revised return filed, subsequently within the due date prescribed u/s 139(5) partaks, the nature of original return filed u/s 139(1) and consequently, the conditions prescribed u/s 139(3) of the Act, is fulfilled and accordingly, loss claimed shall be allowed to be carried forward under the relevant provision of the Act. Therefore, we are of the considered view that the Ld. AO was incorrect in invoking the provisions of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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