2020 (3) TMI 298

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....the assessee company in the revised return when the same was not claimed in original return as legal and valid, which is contrast with the section 80 and section 139(3) of the I.T.Act, 1961." 2. "The appellant craves leave to amend or alter any ground or add new ground which may be necessary. 3. The brief facts of the case are that the assessee has filed its return of income for AY 2012-13 on 29/11/2012, declaring total income of Rs. Nil, being income from business of Rs. 8,18,81,234/-, less set off of brought forward loss of earlier years. The assesee has considered brought forward losses for AY 2009-10 at Rs. 5,75,97,803/- as per revised return filed for that year. The Ld. AO, however restricted the brought forward loss for AY 2009-10 t....

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....ve heard both the parties, perused the material available on record and gone through orders of the authorities below. The assessee has claimed set off for brought forward business loss, as per revised return of income filed for that year. The Ld. AO has allowed loss, as per original return of income filed for that year. According to the Ld. AO, losses of earlier years can be allowed to be set off, as per the provision of section 80, which states that any loss return filed, as per the provision of section 139(3) only can be allowed to be set off, but not loss as per revised return of income filed u/s 139(5) of the I.T.Act, 1961. In the background of above factual position, if you examine the claim of the assesse, we noted that the assessee h....