TaxTMI 
TaxTMI 
2017 (7) TMI 866
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.... Officer in ignoring manual return filed by the Assessee and considering the electronic return filed belatedly as the original return of income and denied carry forward of losses while completing assessment for the assessment year 2011-12. 3. Briefly stated, the facts are that the Assessee for the assessment year 2011-12 filed its return of income on 30.11.2011 declaring loss of Rs. 5,40,03,070/-. This return was filed manually in the office of Dy.CIT 1(2), Mumbai. On the same day, the Assessee also informed Dy.CIT 1(2) by letter dated 28.11.2011 that the Assessee was trying to file income tax return online since 26.11.2011 but unable to file the return due to problem of login password. The Assessee also informed that it will try filing ....
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....see is not allowed to carry forward business loss to the subsequent assessment year. Thus, the Assessing Officer computed the income of the Assessee at Nil. The Assessee preferred appeal before the Ld. CIT (Appeals) and the Ld. CIT (Appeals) sustained the view of the Assessing Officer that the return filed by the Assessee manually on 30.11.2011 is not a valid return and the return filed electronically on 11.10.2012 is belated return and the Assessee is not entitled to carry forward and set off business losses and unabsorbed depreciation. 5. The Ld. Counsel for the Assessee before us submits that the Assessee could not file the return electronically before due date u/s 139(1) due to technical problems and therefore return was filed manual....
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....Coordinate Bench held that the verification column signed in the return in the name of SB Billimoria &Co. and not as one of the partners of the firm on behalf of the Assessee is a curable defect u/s 292B as the return is only a defective return and not an invalid return. 6. The Ld. DR strongly placed reliance on the orders of the lower authorities. 7. We have head both the parties, perused the orders of the authorities below and the decisions relied on. The undisputed facts in this case are that the Assessee filed return of income manually on 30.11.2011 that is within the due date specified u/s 139(1) of the Act. On the very same day, the Assessee also intimated the Assessing Officer as to why it could not file the return electronical....
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....specified u/s 139(1) of the Act. The claim for set off and carry forward of losses cannot be denied on a too technical reasons on the ground that the electronic return filed by the Assessee is belated when the Assessee filed return of income manually within the due date specified u/s 139(1) of the Act. 8. The provisions of section 292B also comes to the rescue of the Assessee in as much as the return filed cannot be invalid merely by the reason of any mistake, defect or omission in such return of income when in substance and effect if such return is in conformity with or according to the intent and purpose of this Act. The return filed manually may at best be said to be a defective return and not an invalid return. The third member of th....