TaxTMI 
TaxTMI 
2017 (12) TMI 1906
X X X X Extracts X X X X
X X X X Extracts X X X X
....e case of reassessment proceedings u/s 153A as it was a case of assessment u/s 153A and not a case of reassessment u/s 153A. 3. The Ground no. 2 relates to the denial of benefit and deduction of carry forward of losses of Rs. 95,21,101/- to the assessee as claimed in his income tax return. 4. The Assessing Officer has not given the benefit of b/f losses as the assessee had not filed the return u/s 139(1) within the stipulated time. 5. The Ld. CIT(A) held that with regard to carry forward of business losses it has been submitted by the assessee that return for AY 2009-10 was filed in response to notice u/s 153A on 25.04.2013 claiming carry forward loss of Rs. 92,03,475/-. The appellant has stated that the return filed under section 153A in respect of AY 2009-10 is required to be taken as if the same is filed u/s 139 (1) within time and keeping in view the same, loss as claimed at the time of filling of return was required to be carry forward in view of the decision of Hon'ble ITAT Chennai Bench in the case of ACIT vs V.N. Devadass (2013) 93 DTR 0073 (Chennai) (Trib). 6. The Ld. CIT(A) after having perused the judgment, wherein the Hon'ble ITAT has held as hereund....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e carried forward since return was filed after due date- CIT(A), confirmed action of Assessing Officer in disallowing carry forward of business loss on ground that Assessee filed belated return of income under section 139(1), ignoring second proviso to Section 153A(1)- Held, Second proviso to S. 153A(1)(b) provide that if on date of search or requisition under section. 132 or 132A, any assessment or reassessment proceedings relating to that particular assessment was pending, then pending proceedings for regular assessment would stand abated - Fresh assessment could be done only under section 153A- Assessee was not supposed to file its return of income under section 139(1) of the Act- Assessee was statutorily required to file return of its income in response to notice under section 153A and had done accordingly making claim of loss. In the case of ACIT Vs. Deva Doss 35 CCH 0397 the Tribunal held as under: 38. Where an assesssee has filed his return of income as prescribed by law, wve in as a consequence of search carried out under section 132 and in consequence of notice issued under section 153A, the assessee is obviously entitled for claiming corresponding deductions prov....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the current year's income as per law after allowing a reasonable opportunity of being heard to the assessee." In the case of Eversmile Construction Company Pvt. Ltd. in ITA No. 4238/Mum/2010 the Tribunal held that the provisions of section 147 vis a vis 143A are different and held that debarring the assessee from making a claim about the deductability of any item which was earlier disallowed counters very concept of fresh assessment of the total income. 9. The Ld. DR vehemently argued that the judgment of Hon'ble Supreme Court in the case of CIT Vs. Sun Engineering Works 198 ITR 297 (SC) is squarely applicable in the present case wherein it was held that the issues concluded in the completed assessment cannot be revisited. 10. In the above background, in order to appreciate the contentions of both the parties it would be relevant to note down the provisions of Section 153A which are as under: 153A. Assessment in case of search or requisition.- (1) Notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other doc....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of return furnished under section 139(1) and the assessee is entitled for all the benefits as per the Act provided the assessee follows the provisions mentioned in 153(A)(a) (a) i.e; "issue notice to such person requiring him to furnish within such period, as may be specified in the notice, the return of income in respect of each assessment year falling within six assessment years referred to in clause (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" 12. In the instant case the assessee for the assessment year 2009-10 filed original return of income on 24/04/2013 declaring income of Rs. 18,00,000/- under the head salary, income from house property, income from business or profession. Whereas the due date for filing the return was 31/07/2009. In response to the notice issued under section 153A dt. 10/01/2013 the assessee filed return of income on 25/07/2013 declaring income at Rs. 21,92,000/- and claiming carried forward loss of Rs. 95,21,101/-. The H....