2012 (6) TMI 655

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..... nd have gone through the orders of the Tribunal. 3. The assessee, a limited company, posted income tax return for the assessment year 2005-06 through registered post on the last date provided for filing the return i.e. 31/10/2005. Admittedly, the return so filed through registered post on the last day for filing return was received by the Assessing Officer on 02/11 /2005. Even though the return was not filed in time under section 139(1) of the Income-tax Act (hereinafter referred to as the Act for short) disentitling the assessee the benefit of carry forward of unabsorbed loss, by virtue of Section 139(3) read with Section 80 of the Act, the Assessing Officer treated the return as one filed under Section 139(4) and determined loss which is .....

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..... ction 72, or sub-section (2) of section 73, or sub-section (1) or sub-section (3) of section 74, or sub-section (3) of section 74A, he may furnish, within the time allowed under sub-section (1), a return of loss in the prescribed form and verified in the prescribed manner and containing such other particulars as may be prescribed, and all the provisions of this Act shall apply as if it were a return under sub-section (1). Section 80 : Notwithstanding anything 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 .....

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..... essing Officer completed the assessment by refixing business loss in deviation from the return filed and also computed unabsorbed depreciation. In our view, the Tribunal rightly declined assessee's claim for carry forward of unabsorbed business loss because provisions of Sections 139(3) and 80 disentitle the assessee to carry forward unabsorbed business loss. However, there is no provision similar to Section 139(3) or Section 80 prohibiting carry forward of depreciation computed based on return filed under Section 139(4). So much so, in our view, the Tribunal rightly granted partial relief to the appellant assessee to carry forward unabsorbed depreciation and not business loss. The assessee's contention that the assessment completed should .....

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