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TMI Blog2004 (9) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 16-1-2003 of the CIT(A)-XV, Mumbai, in retaining the disallowance of carry forward of loss under the head Capital gain at Rs. 1,01,926 for the assessment year 2003-04. 2. The facts in brief are that the assessee is a partnership firm. For the assessment year under appeal, it filed return of income on 31-3-2002 declaring total income of Rs. 2,45,590. In this return of income, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer rejected the claim of the assessee to carry forward the capital gain/loss to subsequent year. 3. The assessee carried the matter in appeal and in appeal in the impugned order, the ld. CIT(A) upheld the action of the Assessing Officer on the ground that amended provisions of section 80 completely prohibits the determination of loss and it can forward and set off except where the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ything contained in this chapter, no loss which has not been determined in pursuance of a return filed [in accordance with the provisions of sub-section (3) of section 139], shall be carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section 91 or sub-section (3) of section 74 or sub-section 93 of section 74A." Section 80 is a substantive prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if he seeks to carry them forward under section 72(1) or 73(2) or 74(1)/(3), then such loss can be carried forward and set off only if it is determined in pursuance of a return filed in accordance with the provisions of section 139(3). Section 139(3), in turn, mandates that : ( i )such person has to furnish a return of loss in the prescribed form and verified in the prescribed manner and contai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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