AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2016 (4) TMI 246
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....ncome u/s 139(3) of the Act. 3. The facts relating to the issue are stated in brief. The assessee is a consultant cardiologist and filed his return of income on 30-09-2009 for the year under consideration declaring a total income of Rs. 9,06,310/-. It is pertinent to note that the accounts of the assessee relating to professional income was subjected to tax audit as per the original return of income and hence the due date for filing return of income was 30-09-2009 for the year under consideration and the assessee has filed his return of income on 30-09-2009, i.e., within the due date prescribed u/s 139(1) of the Act. 4. During the course of assessment proceedings, the assessee filed a "Revised computation of income" on 20-09-2011, in whic....
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....Pruthvi Brokers & Shareholders Pvt Ltd (ITA No.3908 of 2010) and the decision rendered by the ITAT in the case of Chicago Pneumatic India Ltd Vs. DCIT (15 SOT 252)(Mum) and accordingly directed the AO to consider the revised computation of income furnished by the assessee during the course of assessment proceedings and allow the set off of loss from F & O transactions against the professional income/other income. He also held that the unabsorbed loss shall be allowed to be carried forward. 7. The revenue is aggrieved by the said decision of Ld CIT(A). 8. We heard the parties and perused the record. At this juncture, we would like to refer to the relevant provisions of the Act. Section 139(1) provides for filing of return of income within ....
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....visions of the Act shall apply as if it were a return filed u/s 139(1) of the Act. If an assessee notices any omission or any wrong statement in the return furnished u/s 139(1) of the Act, he is entitled to file a revised return u/s 139(5) of the Act. However, the Act provides a time limit for filing such revised returns, i.e., before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Consequently, if the assessee fails to revise the return of income within the time limit prescribed u/s 139(5) of the Act, he is not entitled to revise his return of income at all. 9. In the instant case, the assessment year involved is AY 2009-10. One year from the end of the year....
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....consideration. Having lost the right so, in our view, the assessee could not have made good the same by filing revised computation of income and thus claim carry forward of loss. The said action of the assessee, in our view, defeats the statutory mandate prescribed in sec. 139(5) read with section 139(3) of the Act. 12. We notice from the assessment order that the assessing officer has considered the revised computation of income and assessed the income declared therein, but refused to consider the loss occurred in F&O transactions. We have noticed that the revised computation of income has been filed beyond the time limit prescribed for filing revised return of income u/s 139(5) of the Act and we have held that the assessee is not entitle....
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....he assessing officer was justified in not entertaining the claim of loss and thus, not allowing set off of the same against professional income/other income of the year under consideration. In view of the above, we are of the view that the Ld CIT(A) was not justified in directing the AO to allow set off of F & O Loss against the professional income/income from other sources. Accordingly we set aside his order on this issue. 13. For the reasons stated above, the assessee shall not be entitled to claim carry forward of losses also, since we have held that the assessee could not make good the right lost by him. Since the assessing officer did not admit the loss, which was found to be justified by us, the question of carry forward of unabsorbe....
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....he case of CIT Vs. Srinivasa builders (2014)(369 ITR 69). A perusal of the said decision would show that the issue before the Hon'ble Karnataka High Court about the scope of rectification order passed u/s 154 of the Act. The next decision relied upon by the Ld A.R was the decision rendered by Hon'ble Delhi High Court in the case of CIT Vs. Nalwa Investment Ltd (2010)(322 ITR 233). The facts prevailing in the case before Hon'ble Delhi High Court are distinguishable. The assessee before Hon'ble Delhi High Court declared loss from certain transactions and during the course of assessment proceedings, it sought to enhance the loss. The AO rejected the claim, but the Tribunal allowed the claim. The AO, while giving effect to the order of the Trib....