2017 (9) TMI 170

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....ion 80 of the Income-tax Act, 1961 creates an absolute bar debarring the assessee from claiming set-off/carry forward losses of earlier years if the return had been filed after due date ?" 2. We have heard learned counsel for the appellant-assessee which is the Chhattisgarh State Civil Supplies Corporation and the learned counsel for the Revenue. 3. The assessment order for the assessment year 2006-07 was passed ex parte by the Assessing Officer disallowing the set-off/carry forward of business loss under section 80 of the Act on the ground that return was not filed within time prescribed under section 139 of the Act. The Commissioner of Income-tax (Appeals) (hereinafter called "the CIT(A)") concurred with that view. That was confirme....

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....of the Act have to be understood and applied for the purposes of section 80 of the Act. Section 139(3) of the Act have to be appreciated. It provides among other things that for the purpose of carrying forward loss of any previous year, a return of loss in the prescribed form and verified in the manner and containing such other particulars as may be prescribed ought to be filed. That has to be done within the time allowed under sub-section (1) of section 139(1) of the Act. Obviously, therefore, the further provision which deals with furnishing of return within further time limits as are prescribed, including in section 139(4) of the Act may come to the aid of a particular assessee depending upon the particular events as regards the assessme....