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TMI Blog2020 (3) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... s filed revised return on 26/03/2011, which is before the due date of filing revised return i.e 31/03/2011. From the plain reading of section 139(3) r.w.s. 80 of the Act, it is clear that if assesee incurred a loss, which it claims to be carried forward, then it has to file its return of income within the time stipulated in section 139(1) of the Act, otherwise, the loss will not be carried forward. Since, the assessee has filed original return within the due date prescribed u/s 139(1), then any revised return filed, subsequently within the due date prescribed u/s 139(5) partaks, the nature of original return filed u/s 139(1) and consequently, the conditions prescribed u/s 139(3) of the Act, is fulfilled and accordingly, loss claimed shall b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s filed its return of income for AY 2012-13 on 29/11/2012, declaring total income of Rs. Nil, being income from business of ₹ 8,18,81,234/-, less set off of brought forward loss of earlier years. The assesee has considered brought forward losses for AY 2009-10 at ₹ 5,75,97,803/- as per revised return filed for that year. The Ld. AO, however restricted the brought forward loss for AY 2009-10 to ₹ 1,33,52,450/-, as per original return of income filed for that year by invoking the provisions of section 80 of the I.T.Act, 1961 and accordingly, disallowed excess loss claimed by the assessee, as per the revised return of income. The assessee carried matter in appeal before the first appellate authority. The Ld.CIT(A), for the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Ld. AO, losses of earlier years can be allowed to be set off, as per the provision of section 80, which states that any loss return filed, as per the provision of section 139(3) only can be allowed to be set off, but not loss as per revised return of income filed u/s 139(5) of the I.T.Act, 1961. In the background of above factual position, if you examine the claim of the assesse, we noted that the assessee has filed original return of income for AY 2009-10 within the due date, as per provision of section 139(1) of the I.T.Act, 1961 and declared loss of ₹ 1,33,52,450/-. Subsequently, it has filed a revised return on 26/03/2011 and declared loss of ₹ 5,75,97,803/- and said revised return is as per provision of section 139(5) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed return filed, subsequently within the due date prescribed u/s 139(5) partaks, the nature of original return filed u/s 139(1) and consequently, the conditions prescribed u/s 139(3) of the Act, is fulfilled and accordingly, loss claimed shall be allowed to be carried forward under the relevant provision of the Act. Therefore, we are of the considered view that the Ld. AO was incorrect in invoking the provisions of section 80 of the I.T.Act, 1961 to allow loss as per original return filed u/s 139(1) of the Act. The Ld. CIT(A) after considering the relevant facts has rightly allowed set off of loss as per revised return filed for that year and rightly held that provision of section 80 of the Act, cannot be invoked in the present case. Hence ..... X X X X Extracts X X X X X X X X Extracts X X X X
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