TaxTMI 
TaxTMI 
2021 (8) TMI 1217
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....sed by the Assessing Officer. The grounds raised by the Revenue are reproduced as under: 1. Whether in fact and circumstances of the case and in law, the Ld. CIT(A) is legally justified in holding that the return filed in response t notice u/s I53A of the Income Tax Act 1961 (the Act) is actually 'revised return' u/s 139 (5) of the Act? 2. Whether in facts and circumstances of the case and in law, the Ld. CIT(A) is legally justified in holding that return of income filed by the assessee in response to notice u/s 153 A of the Act after a delay of more than six months from due date of filing of return as specified in notice u/s 153A could not held as 'belated return' if the same was filed within time period as allowed u/s 13....
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....otice (iii) However, the assessee filed return of income in response to notice under section 153A of the Act on 13/02/2008, declaring loss of Rs. 1,57,26,756/-. (iv) The Assessing Officer completed the assessment under section 153A read with section 143(3) of the Act on 28/11/2008 at returned loss of Rs. 1,57,26,706/-. (v) Subsequently, the Assessing Officer issued notice under section 154 of the Act on 28/03/2013, proposing for denying carry-forward of loss claimed in the return filed under section 153A on the ground that return was not filed within the stipulated period of 16 days. (vi) The Assessing Officer rejected the contention of the assessee and denied to carry forward of the loss of Rs. 1,57,26,7....
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....n dispute and perused the relevant material on record. The undisputed fact in the case is that the return of income filed under section 139(1) of the Act on 30/11/2006, declaring loss of Rs. 1,82,31,067/- for the year under consideration, is within the due date provided under the Act. In terms of section 139(3) of the Act, loss claimed in the return of income can be allowed to carry forward, if the return is filed within the time allowed under section 139(1) of the Act. Further, section 80 of the Act has also laid down that loss shall not be carried forward under section 72 of the Act, if same is not determined in pursuance of the return filed under section 139(3) of the Act. So as far as carry forward of the loss of Rs. 1,82,31,067/- under....
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....b), in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 139; (b) ......................................................................................." 6.1 The section prescribe that 'so far as may be' the return filed under section 153A shall be treated as if it was required to be furnished under section 139. Therefore, according to the Assessing Officer, once the return under section 153A has been filed beyond the due date prescribed in the notice, the assessee is not entitled for carry-forward of the losses. ....