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of <h1>Court affirms return filed under section 146 can carry forward losses under section 139.</h1> <h3>Commissioner of Income-Tax Versus H.M.T. Bearings Ltd.</h3> The Supreme Court upheld the High Court's decision, ruling that a return filed and accepted under section 146 can be considered as filed under section 139 ... Whether a return filed and accepted in pursuance of an order made u/s 146, can be treated as a return filed u/s 139 - held that where a best judgment assessment is set aside u/s 146 on the Income-tax Officer being satisfied that the assessee was prevented by sufficient cause from making a return required u/s 139(2), he naturally has to receive the return filed along with the application u/s 146. Such return would then be a return filed u/s 139 for the purpose of s. 80 as it then stood The Supreme Court dismissed the appeal, stating that a return filed and accepted under section 146 can be treated as a return filed under section 139 for the purpose of carrying forward losses. The High Court's decision was upheld, and the appeal was dismissed with no order as to costs.
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