2004 (2) TMI 58

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....r the final audit of accounts indicating higher loss. The Assessing Officer restricted the carry forward of loss as per the original return. The assessee/respondent filed appeal. The appellate authority while holding that the revised return was a valid return, observed that, for the purpose of carry forward of loss, only the return filed under section 139(3) can be taken into account. Accordingly, the order of the Assessing Officer was confirmed. Aggrieved by the aforesaid order, the assessee filed appeal before the Income-tax Appellate Tribunal. The Tribunal observed that once a revised return was filed under section 139(5), such a return has to be considered. Accordingly, the Tribunal set aside the orders passed by the Assessing Officer a....

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....t is necessary to refer to the relevant provisions, namely, sections 139(3) and 139(5) of the Income-tax Act, which are quoted hereunder: "139. (3) If any person who has sustained a loss in any previous year under the head 'Profits and gains of business or profession' or under the head 'Capital gains' and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, or sub-section (1) or sub-section (3) of section 74, or subsection (3) of section 74A, he may furnish, within the time allowed under sub-section (1), a return of loss in the prescribed form and verified in the prescribed manner and containing such other particulars as may be prescribed, and all the pr....