Acceptance of the loss in the revised returns u/s 139(5) – ...

Examining Loss Acceptance in Revised Tax Returns: Impact of Assessee Status Change u/s 139(5) Income Tax Act.

February 12, 2013

Case Laws Income Tax AT

Acceptance of the loss in the revised returns u/s 139(5) – Change of status of assessee - how the brought forward losses could change the status of the assessee? - AT

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Acceptance of the loss in the revised returns u/s 139(5) – ...

Examining Loss Acceptance in Revised Tax Returns: Impact of Assessee Status Change u/s 139(5) Income Tax Act.

February 12, 2013

Case Laws Income Tax AT

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The taxpayer filed an original return which was processed by the CPC. Subsequently, a revised return was filed u/s 139(5) with a self-assessment tax of Rs. 10,820/-....

Claiming carry forward of loss at a higher level - Revised return - Since the assessee furnished the revised return within the stipulated period claiming loss at a...

Validity of revised return u/s 139(5) - return was revised after issuance of intimation u/s 143(1) - claim of benefit of excess set off of losses and carry forward of...

Carry forward of business loss - original return was filed u/s 139(1) within time declaring positive income - later revised return u/s 139(5) filing declaring loss - On...

The assessee was entitled to set off brought forward losses from assessment years 2021-22 and 2022-23 against income in assessment year 2023-24, even if the return for...

The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

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