https://www.taxtmi.com/caselaws?id=375994 The court ruled in favor of the Revenue, holding that a revised return filed under Section 139(5) after an original return under Section 139(1) cannot be considered as a return under Section 139(3) for carrying forward business losses. The judgment emphasized the importance of proper classification of returns under relevant sections, stating that carry forward of losses under specific heads of income necessitates a return filed under Section 139(3). As a result, the appeal was allowed in favor of the Revenue, denying the assessee's claim for carrying forward the business loss for the assessment year 2002-03. en-us Thu, 07 Feb 2019 00:00:00 +0530 Fri, 01 Mar 2019 09:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375994 The court ruled in favor of the Revenue, holding that a revised return filed under Section 139(5) after an original return under Section 139(1) cannot be considered as a return under Section 139(3) for carrying forward business losses. The judgment emphasized the importance of proper classification of returns under relevant sections, stating that carry forward of losses under specific heads of income necessitates a return filed under Section 139(3). As a result, the appeal was allowed in favor of the Revenue, denying the assessee's claim for carrying forward the business loss for the assessment year 2002-03. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375994