2022 (9) TMI 1540 - SCH - Income Tax

Withdrawal of exemption u/s 10B in the Revised Return and claim of carry forward of loss - As decided in 2022 (7) TMI 560 - SUPREME COURT filing a revised return u/s139(5) of the IT Act claiming carrying forward of losses subsequently would not help the assessee - assessee filed its original return under section 139(1) and not under section 139(3). Therefore, the Revenue is right in submitting that the revised return filed by the assessee under section 139(5) can only substitute its original return under Section 139(1) and cannot transform it into a return under Section 139(3), in order to avail the benefit of carrying forward or set-off of any loss u/s 80 of the IT Act. The assessee can file a revised return in a case where there is an omission or a wrong statement. But a revised return of income, under Section 139(5) cannot be filed, to withdraw the claim and subsequently claiming the carried forward or setoff of any loss - HELD THAT - Application for listing Review Petition in open court is rejected. Having carefully gone through the Review Petition, the order under challenge and the papers annexed therewith, we are satisfied that there is no error apparent on the face of the record, warranting reconsideration of the order impugned. The Review Petition is, accordingly, dismissed.

Summary

The Supreme Court of India rejected the application for listing a Review Petition in open court. The court found no error on the face of the record, so the Review Petition was dismissed. Pending applications were disposed of. (Case citation: 2022 (9) TMI 1540 - SC)