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TMI Blog2013 (7) TMI 230X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessment year 2005-06 (financial year 2004-05), but did so on 6.7.2006 after the statutory auditor appointed under the KCS Act submitted his first report, and thereafter on 30.5.2008 filed a revised return based on the second report furnished during the year 2007 claiming business loss of Rs. 1,27,77,270/-. Petitioner filed an application on 9.1.2010 invoking Section 119(2)(b) of the 'Act' before the Central Board of Direct Taxes, for short 'CBDT' to condone the delay in filing returns and to allow the claim of carry forward of business losses. The CBDT having considered the application, accepted the cause shown for the delay in filing the return of income on 6.7.2006 insofar as the assessment year 2005-06, and directed the 3rd resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year 2005-06 petitioner carried forward loss of Rs. 1,27,77,270/- which the CBDT made reference at paragraph 3 in its order dt. 11.7.2011 Annexure-C, being fully aware of the filing of the revised return on 30.5.2008. The explanation offered by the petitioner over sufficient cause as set out in paragraph 7 of the application, Annexure-B when considered and accepted by the CBDT, with respect to the return filed on 6.7.2006 for the assessment year 2005-06, the mistake crept in the order Annexure-C required to be revised to include the revised return filed on 30.5.2008. Learned counsel further submits that the refusal on the part of the CBDT to rectify the defect the order, Annexure-A is perverse and calls for interference. 4. Per contra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .70,33,270/- on the basis of a first report of the statutory auditor under the KCS Act, while the revised return Annexure-F3 filed on 30.5.2008 is based upon the final report Annexure-F4 of the statutory auditor indicating Rs. 1,27,77,270/- as loss in the Profit and Loss Account as on 31.3.2005. 7. The averments in paragraph 3 of the application Annexure-B for condonation of delay makes reference to the claim of Rs. 1,27,77,270/- as carried forward loss during the assessment year 2005-06, which fact is indicated at paragraph 3 of the order dated 11.7.2011 Annexure-'C' of the CBDT. 8. The averments in paragraph 7 of the application dt. 9.1.2010 Annexure-B is over sufficient cause for the delay in filing the return on 6.7.2006 and the revis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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