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of <h1>Late Loss Returns: ITO Must Assess Within Section 139(4) Timeline; Loss Carry Forward Not Permitted Beyond Deadline.</h1> Section 139(3) of the Income Tax Act, 1961 requires individuals who have sustained a loss under 'Profits and Gains of business or profession' or 'capital gains' to file a loss return within the time allowed under section 139(1) to carry forward the loss. A question arose regarding the treatment of loss returns filed late. The Board advised that the Income Tax Officer (ITO) should not ignore such returns if filed within the time limit of section 139(4). The ITO must complete assessment proceedings within the prescribed time and specify that the loss cannot be carried forward. Previous instructions allowed carrying forward unabsorbed depreciation and development rebate despite late filing.
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