1991 (9) TMI 39

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....ained 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 subsection (2) of section 73 or sub-section (1) or sub-section (3) of section 74 or sub-section (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 provisions of this Act shall apply as if it were a return under sub-section (1). 139. (10) Notwithstanding anything contained in any other provision of this Act, a return of incom....

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....rn of loss. By the Amending Act, this power of the Income-tax Officer has been withdrawn. Accordingly, as per the amended provisions, if the assessee is to get the benefit of the determination of the loss or any part thereof and for its carry forward under section 72(1) or section 73(2) or section 74(1) or section 74A(3) of the Income-tax Act, he should file the return voluntarily within the period specified in section 139(1) or by the 31st day of July of the assessment year relevant to the previous year during which the loss was sustained. Further, as per clause (d) of the proviso to the newly inserted sub-section (10) to section 139 of the Income-tax Act, which overrides anything contained in any other provision of the Income-tax Act, a r....

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....aximum amount which is not chargeable to tax shall be deemed never to have been furnished. As per the proviso to this sub-section, a return of income below taxable limit shall not be treated as non est in the following circumstances (a) a return furnished in response to a notice under section 148(2) ; (b) a return of a partner of a firm: (c) a return of a person who has claimed exemption of income from property held for charitable or religious purposes ; (d) a return of loss which has been furnished before the 31st day of July of the assessment year relevant to the previous year during which the loss was sustained ; (e) a return furnished under sub-section 4(B) in respect of political party ; (f) a return furnished in supp....

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....f considering the return would not arise. In order to appreciate the respective contentions, we will now extract the impugned order : "No. Ft. 286-DC Office of the Deputy Commissioner of Income-tax (Assessment) Special Range, Hubli. Date : 09-01-1989. PROCEEDINGS OF THE DEPUTY COMMISSIONER OF INCOME-TAX (ASSESSMENT) SPECIAL RANGE, HUBLI. 1. Name of assessee : M/s. Sirigeri Kanakappa Shetty and Sons, Gangavathi, District Raichur. 2. Assessment year : 1986-87 3. Status : R. F. --------------- ORDER UNDER SECTION 139(10) OF THE INCOME-TAX ACT For the assessment year 1986-87, the assessee-firm furnished return of loss declaring a loss of Rs. 4,66,690 on July 31, 1987. In other words, the return has been filed after....