2004 (2) TMI 740

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....eturn  declaring  a  loss of Rs.80,63,122/- and claimed the benefit of carry  forward  of  the  said  loss. Subsequently, a  revised  return  was filed after 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, the only 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&nbsp....

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...., u/s 139(5) ? 5. After hearing the learned counsel for the appellant at length and after considering the relevant provisions and the materials on record, we do not consider this as a fit case for admission, as, according to us, no substantial question of law arises for determination. 6. To  appreciate  the contention of the learned counsel for the appellant, it is  necessary  to  refer  the  relevant  provisions, namely Sections  139(3) and 139(5) of the Income Tax Act, which are quoted here under:- 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 t....

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....  expression all the provisions of this Act shall apply as if it were a  return under  sub-section (1).  In  other  words, a return filed under Section 139(3) is deemed to be a return filed under Section 139(1).  The provision contained in 139(3) makes it clear that all the provisions of this Act shall apply to such a return  as  if it were  a return under Section 139(1).  In view of such a specific provision, there is no reason to exclude the applicability of Section 139(5) to a  return filed under Section 139(3). 8. Learned  counsel  appearing for the appellant has further submitted that Section 80 of the Income Tax Act, which contains the  provision relating&n....