https://www.taxtmi.com/caselaws?id=456690 The Tribunal upheld the CIT(A)'s decision, allowing the carry forward of capital loss for the assessment year 1998-99. It concluded that the revised return filed within the prescribed time under section 139(5) effectively replaced the original return filed under section 139(1). The Tribunal emphasized the importance of correcting errors in initial returns and dismissed the revenue's appeal, affirming that the conditions for carrying forward the loss were satisfied. This judgment reinforces the legal interpretation of section 80, ensuring fairness in tax assessments by recognizing timely filed revised returns as valid for loss carry forward. en-us Mon, 07 Jul 2003 00:00:00 +0530 Thu, 08 Aug 2024 18:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456690 The Tribunal upheld the CIT(A)'s decision, allowing the carry forward of capital loss for the assessment year 1998-99. It concluded that the revised return filed within the prescribed time under section 139(5) effectively replaced the original return filed under section 139(1). The Tribunal emphasized the importance of correcting errors in initial returns and dismissed the revenue's appeal, affirming that the conditions for carrying forward the loss were satisfied. This judgment reinforces the legal interpretation of section 80, ensuring fairness in tax assessments by recognizing timely filed revised returns as valid for loss carry forward. Case-Laws Income Tax Mon, 07 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456690