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TMI Blog2018 (10) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act and passed a fresh assessment order on 27.12.2017 determining the total income at Rs. Nil and did not allow carry forward of loss of ₹ 455.99 crore. This shows that the income originally determined by the Assessing Officer at Nil remained the same even after giving effect to the order passed in revision. Thus, we are confronted with a situation in which the original assessment as well as the assessment giving effect to the impugned order, remain at Nil income, and in both the situations, there is no carry forward of loss. In other words, the shortcomings noticed by the ld. CIT in assessment order, which in his opinion made the order erroneous, are tax neutral. In the circumstances as are instantly obtaining, variation in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act. The Assessing Officer held that the assessee was not entitled to exemption under Section 10 of the Act. During the course of assessment proceedings, it was noticed that the assessee claimed deduction on account of reserve for future development; reserve for special projects; reserve for greens; and reserve for urban renewal and upgradation funds, totalling in all to a sum of ₹ 796.07 crore. The Assessing Officer found that the actual expenditure incurred against such reserves was ₹ 1198.83 crore. He held the assessee to be entitled to actual expenditure and not the amount of reserves. Thus, as against the gross income of ₹ 20.64 crore declared in the return before exemption, the Assessing Officer allowed further ded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clothe CIT with the revisionary power. It is the trite law that if only one of the conditions is fulfilled in a particular case, it goes out of the purview of the revision. 4. It is an admitted position that the claim of the assessee for its entitlement to exemption u/s 10(20) of the Act has been eventually jettisoned. It is seen that the assessee filed belated return of income outside the time prescribed u/s 139(1) of the Act. As such, no loss determined in assessment can be carried forward for set off against positive income for later years. That is raison d etre for the Assessing Officer computing Nil income and not allowing any carry forward of loss. The ld. AR candidly admitted that the factum of assessee, not being entitled to ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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