2024 (1) TMI 857

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....essment Year 2020-21. 2. Grounds of the assessee are as under :- "1. Grounds in respect of disallowance of claim of brought forward loss of AY 2019-20 1.1. That on the facts and circumstances of the case and in law, the Hon'ble CIT(A) has grossly erred in not allowing the Assessee to carry forward its losses pertaining to AY 2019- 20 amounting to INR 23,73,82,507 without appreciating the fact that Appellant had filed its original return of income for AY 2019-20 on 26 November 2019 i.e. within the time limit specified under Explanation 2 to section 139(1) of the Income Tax Act, 1961 (the Act'). 1.2. That on the facts and circumstances of the case and in law, the Hon'ble CIT(A) has grossly erred in co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessment Year 2019-20 amounting to Rs. 23,73,82,507/- without appreciating the fact that the assessee had filed its original return for Assessment Year 2019-20 on 26/11/2019 within the time limit specified under Explanation 2 to Section 139(1) of the Act and further erred in considering the revised return of income filed u/s 139(5) of the Act on 20/02/2020 to belated return of income filed u/s 139(4) of the act and thereby not allowed the assessee to carry forward the losses pertaining to Assessment Year 2019-20. The Ld. Counsel for the assessee taken us through the various documents produced in the paper book and submitted that due to the error committed by the CPC in considering the date of filing of the return, the above addition have b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....'Act'). As per this section the due date for filing of return for the Assessment Year 2019-20 were 31st July, 2019 and 30th _ September, 2019 for different types of assessees. If the return could not have been filed within the above due dates even then the same can be filed validly as a belated return within the time limit prescribed U/s. 139(4) of the Act. Under section 139(4) a belated return can be filed before the end of the relevant assessment year or before the completion of assessment whichever is earlier. Thus, the due date for filing the belated return which ought to have been filed before 31.03.2020 was extended upto 30.09.2020 due to COVID pandemic. The assessee who files a return beyond the due date has to pay fee under ....