2014 (4) TMI 1006

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....wed the appeal filed by the assessee and set aside the order passed by the Commissioner of Income-Tax (Appeals)-VI, Bangalore, (for short the First Appellate Authority') and quashed the 154 providing initiated by Assessing authority. 2. The respondent-assessee is a Firm and they filed return of income for the assessment year 1997-98 on 6-1-1998 declaring income of Rs.5,29,270/-. The assessment was concluded under Section 143(3) of the Act and assessed the business loss of Rs.74,84,234/-. The said business loss was allowed to be carried forward as per the order dated 6.6.2001. Subsequently, the Assessing Officer issued notice under Section 154 of the Act to rectify the order dated 6-6-2001, withdrawing the benefit of carry forward of bu....

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....p;   "1. Whether the Tribunal was correct in holding that the rectification proceedings disallowing carry forward of loss on account of Section 80 of the Act in view of the belated filing of the return would amount to a debatable issue and jurisdiction u/s.154 of the Act was not permissible?         2. Whether the Tribunal was correct in holding that the original return filed was not a loss return and there were no violation of provision of Section 139(3) of the Act, despite the assessee filing a revised return and approaching the board by filing an application for condonation of delay to seek permission to file belated return?" 5. Sri. K.V. Aravind, learned counsel appearing for the appellants....

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.... the parties and perused the order impugned. 8. The records clearly disclose that the assessee had filed return of income declaring the total income on 6-1-1998. The Assessing Authority assessed the income under Section 143(3) of the Act and declared the total business loss of Rs.74,85,743/- and also denied some other benefits. The said order was questioned before the First Appellate Authority, wherein the First Appellate Authority confirmed the order passed by the Assessing Officer. Against the said order, the assessee preferred an appeal before the Tribunal. The Tribunal allowed the appeal granting partial relief. In order to give effect to the said order, the Assessing Authority once again determined total loss of Rs.74,85,743/- and all....