9911796707
TMI Blog2019 (4) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... on the last date of the assessment year. The same was permissible. It cannot be said that it was failure on the part of the petitioner to disclose the true and correct facts or that an income chargeable to tax has escaped assessment by reasons of failure on the part of the assessee to file return u/s 139 or in response to notice issued u/s 142(1) or Section 148 nor the petitioner is guilty of not disclosing fully and truly all material facts. The assessment as observed supra for the year 2011-2012 has been made u/s 143(3) and the Assessing Officer has considered the case of the petitioner and held the petitioner entitled for carry forward of the loss. Mere change of opinion cannot be a ground to reopen the assessment - notice u/s 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 5,58,885/from which claimed deductions under Chapter VIA of ₹ 1,00,000/and total income shown in the return of income filed at ₹ 4,58,885/. As per provisions of section of section 139(3), if any person sustained a loss in any previous year under the head profits and gains of business of profession , and claims that the loss or any part thereof should be carried forward, he may furnish the return of income within the time allowed u/s 139(1), a return of loss. In the present assessee's case, return of income for AY 2011-2012 claiming carried forward and set off of business loss of ₹ 54,93,439/u/ s 72(1) was not filed within the due date as mentioned in section 139(1) of the Income Tax Act 1961. Thus the income o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in case of Commissioner of Income Tax Vs. P. R. Devaraj reported in CTR 1997-143-234. 7. Mrs. Bharaswadkar Patil, learned counsel for respondents submits that failure on the part of the assessee as referred to in Section 147 would also be failure to file return within time allowed under Section 139(1). In view of that reopening would be permissible even after lapse of four years. The learned counsel relies on the judgment of the Division Bench of this Court in case of Debashu Services Private Limited Vs. Dy. Commissioner of Income Tax Ors. reported in (2014) 270 CTR (Bom) 36. The learned counsel submits that the Court is not required to consider the merits of the notice at this stage. The learned counsel relies on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... off of business loss. Section 139(4) of the Income Tax permits an assessee to file the Income Tax Return by the end of the assessment year or before completion of assessment, whichever is earlier. In the present case, the return has been filed before end of the assessment year that is on the last date of the assessment year. The same was permissible. 13. It cannot be said that it was failure on the part of the petitioner to disclose the true and correct facts or that an income chargeable to tax has escaped assessment by reasons of failure on the part of the assessee to file return under Section 139 or in response to notice issued under Section 142(1) or Section 148 nor the petitioner is guilty of not disclosing fully and truly all mater ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
