Late filing not grounds for denying loss carry-forward. Assessment rules apply.

The Tribunal dismissed the Revenue's appeal, ruling that the Assessing Officer could not deny carry-forward of losses based on the late filing of the return under section 153A. The decision emphasized that regular assessment provisions apply when assessments are not abated during the search, and additions can only be made based on incriminating material. Therefore, the Tribunal held that the denial of carry-forward of losses claimed under section 153A was not justified in this case.

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Issues:
1. Whether the return filed in response to notice u/s 153A is a revised return u/s 139(5) of the ActRs.
2. Whether a return filed after a delay in response to notice u/s 153A can be considered a belated return if filed within the time period allowed u/s 139(5)Rs.
3. Whether an assessee not filing a return within the specified time under notice u/s 153A is entitled to carry forward lossesRs.
4. Whether the Assessing Officer can specify a time limit to file a return of income under section 153A and if section 139(5) is applicableRs.
5. Whether the denial of carry-forward of losses claimed under section 153A is justifiedRs.

Analysis:
1. The case involves an appeal by the Revenue against the order of the Ld. CIT(A) concerning rectification of the order under section 153A for the assessment year 2006-07. The main issues revolve around the nature of the return filed in response to notice u/s 153A and the entitlement to carry forward losses.
2. The assessee initially filed the original return within the due date, but filed a return under section 153A after a delay, leading to a dispute regarding the carry-forward of losses. The dispute arises from the interpretation of section 153A(1)(a) and its application to returns filed under section 153A.
3. The Assessing Officer contended that the return under section 153A should be treated as per section 139 and denied carry-forward of losses due to late filing. However, the Tribunal held that the provisions of section 139 apply differently based on whether assessment proceedings are abetted or not under section 153A.
4. The Tribunal clarified that if assessments are not abated or pending during the search, the return filed under section 139 cannot be disregarded. In such cases, additions can only be made based on incriminating material, and regular assessment provisions apply for carry-forward of losses.
5. The Tribunal dismissed the Revenue's appeal, stating that since no assessment was pending during the search, the Assessing Officer could not deny carry-forward of losses based on the late filing of the return under section 153A. The decision was based on the interpretation of relevant provisions and the specific circumstances of the case.

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