2026 (7) TMI 873

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.... Revenue : Sri N. Balusamy - JCIT DR ORDER PER PRASHANT MAHARISHI, VICE - PRESIDENT 1. ITA No. 19/Bang/2026 is filed for assessment year 2021 - 22 by Sri Balachandra Joshi (the assessee/appellant) against the appellate order passed by the Commissioner of Income Tax (Appeals), NFAC, Delhi dated 10 November 2025 wherein the appeal filed by the assessee against the order passed by the Centra....

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....oss under the head capital gain of Rs. 526,428 later on the assessee filed revised return reporting additional income of short-term capital gain of Rs. 4,63,989 and long-term capital gain of Rs. 2,26,678. Assessee also paid an additional assessment tax. In the revised return of income the assessee had reported the long term capital loss of Rs. 2,99,750. The revised return was processed under secti....

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....ion 139 (1) of the Act if the return of income is loss and then only the assessee can carry forward the losses to the future years. Therefore he dismissed the claim of the assessee. Accordingly the appeal of the assessee was partly allowed. 4. Before us the assessee is aggrieved with the denial of the carry forward of the capital loss amounting to Rs. 2,99,750 and submitted that the original re....

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....nd the carry forward of the loss should have been allowed to the assessee. 5. The ld. DR vehemently supported the order of the learned CIT - A and submitted that when the return of income is held not to be filed within the due date specified under section 139 (1) of the Act, the assessee is not entitled to carry forward of the losses. 6. We have carefully considered the rival contention and ....