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Issues involved:
The issues involved in this judgment are whether a return filed after receiving a notice under section 148 can be deemed as a return under section 139(4) of the Income-tax Act, 1961, and whether the assessee is entitled to carry forward a loss declared in such a return. Summary: Issue 1: Return under section 139(4) The case involved a situation where the assessee filed a return after receiving a notice under section 148, but beyond the stipulated date. The assessee argued that this return should be considered as a return under section 139(4) as it was filed before the assessment order for the relevant year and within the prescribed period. The Revenue contended that a return filed after a notice under section 148 cannot claim the status of a return under section 139(4). The court referred to the provisions of the Act and previous judgments to determine that a return filed within the time allowed under section 139(4) should be considered as a return filed within the time allowed under section 139(1). The court held that the right to file a return under section 139(4) is a statutory right vested in the assessee and is not lost due to proceedings under section 147. Issue 2: Carry forward of loss The court also considered section 80 of the Act, which stated that no loss not determined in a return filed under section 139 could be carried forward. Since the return filed by the assessee was deemed to be under section 139(4), the court ruled in favor of the assessee, allowing the carry forward of the loss determined in that return. Consequently, the need to address the second question regarding the entitlement to carry forward the loss did not arise. In conclusion, the court answered the reference in favor of the assessee, holding that the return filed should be treated as a return under section 139(4) and allowing the carry forward of the determined loss.
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