TaxTMI 
TaxTMI 
2019 (6) TMI 657
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.... raised by the assessee in these assessment years, these appeals are taken up together for adjudication and are being disposed of vide this common order. Since, in all these appeals the facts are identical, for the sake of convenience the facts are extracted from the appeal in ITA No. 2396/PUN/2017 for the assessment year 2003-04. ITA No. 2396/PUN/2017 (A.Y. 2003-04) Facts of the case 2. The issue raised in the appeal has its genesis in assessment year 2002-03. The assessee is a State Government Undertaking engaged in providing warehouse facilities in the State of Maharashtra. The assessee filed its return of income for the assessment year 2002-03 declaring Nil income. The assessment was completed u/s. 143(3) of the Income Tax Act, 1961....
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....ed the assessment order holding it to be erroneous and prejudicial to the interest of revenue. Aggrieved against the revision order, the assessee filed appeal before the Tribunal in ITA No. 1140/PUN/2012. The Tribunal vide order dated 25-08-2014 set aside the order of Commissioner of Income Tax passed u/s. 263 of the Act. The Assessing Officer in proceedings to give effect to the order of Tribunal, vide order dated 11-11-2014 for assessment year 2002-03 restored the business losses of the assessee at Rs. 13,00,25,239/-. Thus, in effect the assessment order dated 14-12-2009 passed u/s. 143(3) r.w.s. 254 was restored. 2.3 Thereafter, the assessee filed application u/s. 154 of the Act for the assessment years 2003-04 to 2006-07 to allow the b....
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....passed u/s. 143(3) r.w.s. 254 of the Act. Moreover, by the time the Assessing Officer passed the aforesaid order for assessment year 2002-03, the assessee had already filed its return of income for the assessment years under appeal (i.e. assessment years 2003-04 to 2006-07). Hence, there was no occasion for the assessee to claim set off of brought forward losses in the return of income. The ld. AR further submitted that the provisions of section 153(3) clearly states that the time limit as set out in sub-section (1) and subsection (2) for the completion of assessment, reassessment and recomputation would not apply where the fresh assessment is made in pursuance to the order u/s. 254 or section 263 or section 264 of the Act. 3.1 The ld. AR ....
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....ted that the assessee has admitted the fact that in the return of income for assessment years 2003-04 to 2006-07 the assessee had not claimed set off of brought forward business loss. Without claiming the same in the return of income the Assessing Officer cannot accept the claim of assessee. The assessee cannot by merely filing rectification petition u/s. 154 claim set off of brought forward losses without claiming the same in return of income. Findings of the Tribunal 5. We have heard the submissions made by representatives of rival sides and have perused the orders of authorities below. The factual matrix of case has already been explained in para 2 above. The same are not in dispute. The solitary issue that emerges for adjudication in ....
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....(3) of section 153 deals with the situation where fresh assessments are made in pursuance to the orders by revisional/appellate authorities. The provisions of sub-section (3) as they were applicable to the assessment year under appeal are reproduced herein- below : "(3) The provisions of sub-sections (1), (1A), (1B) and (2) shall not apply to the following classes of assessments, reassessments and recomputations which may, subject to the provisions of sub-section (2A), be completed at any time- (i) [***] (ii) where the assessment, reassessment or recomputation is made on the assessee or any person in consequence of or to give effect to any finding or direction contained in an order under section 250, 254, 260, 262, 263, or 264 [or in ....