2011 (8) TMI 1172

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.... income on 28.10.2005 under section 139(1) declaring total income of Rs. 30,00,223/- which was processed under section 143(1) on 22.2.2006. Subsequently, the assessment was taken up for scrutiny and the assessee filed revised return on 28.3.2006 in which long term capital loss of Rs. 10,80,121/- was shown and was claimed to be carried forward. The assessee had incurred loss of Rs. 7,20,000/- in respect of sale of shares of M/s. Phlox Pharma Ltd. and the indexed loss was Rs. 10,80,121/-. In the original return loss had not been claimed. The AO observed that to revise the return of loss, the original return of loss should have been filed under section 139(3) within the time allowed under section 139(1). In this case the assessee had not decla....

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....assessee is in appeal before the Tribunal. 3. Before us, the ld. AR for the assessee reiterated the submissions made before the lower authorities that the loss was required to be carried forward. He placed reliance on the decision of the Tribunal in the case of Ramesh R. Shah vs. ACIT in ITA No.4312/Mum/2009 order dated 29.7.2011 for Assessment Year 2005-06 in which similar claim of loss arising on sale of shares of M/s. Phlox Pharma Ltd. had been allowed to be carried forward. The ld. DR on the other hand placed reliance on the orders of authorities below. 4. We have perused the records and considered the rival contentions carefully. The dispute is regarding carry forward of loss of Rs. 10,80,121/- arising on sale of shares of M/s. P....