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TMI Blog2020 (8) TMI 265X X X X Extracts X X X X X X X X Extracts X X X X ..... return of income had been filed u/s. 139(1) of the Act. In the case of the assessee, it is apparent that the assessee had filed its return of loss within the due date of filing of the return U/s. 139(3) of the Act i.e., on 30/09/2015. Further, the assessee has revised its loss return for the second time u/s. 139(5) of the Act on 13/02/2017 i.e., within the expiry of one year from end of the relevant assessment year 2015-16. We hereby hold that the return filed by the assessee u/s. 139(5) of the Act is in accordance with law and therefore the assessee is entitled to carry forward the loss claimed in the revised return of income dated 13/02/2017 provided such loss computed is as per the provisions of the Act. - Decided in favour of ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completed wherein the Ld. AO made addition towards deferred tax liability and further rejected the revised return filed by the assessee U/s. 139(5) of the Act and disallowed to carry forward of the loss of ₹ 69,21,018 by stating that the original return filed and the loss claimed therein had no basis and the revision of such return is not in accordance with the provisions of section 139(5) of the Act. On appeal, the Ld CIT (A) confirmed the order of the Ld. AO. Aggrieved by the order of the Ld. CIT (A) for rejecting the revised return filed by the assessee U/s. 139(5) of the Act, the assessee is in appeal before us and also with respect to converting the limited scrutiny to complete scrutiny. 4. At the outset, the Ld. AR submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee has filed revised return on the basis of the audited statement within the time provided U/s. 139(5) of the Act. The question arises for consideration is whether the return of loss filed U/s. 139(1) on the basis of the provisional accounts can be rectified by filling a revised return U/s. 139(5) of the Act. The issue was considered by the Madras High Court in the case of Periyar District Co-operative Milk Producers Union Ltd (supra). The Madras High Court after considering the provisions of section 139(1), 139(3) and 139(5) of the Act found that the return of loss U/s. 139(3) can be filed within the time allowed U/s. 139(1) of the Act. Once the return is filed, all the provisions of the Income Tax Act shall apply as if such re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer to process the revised return filed by the assessee U/s. 139(5) and quantify the losses in accordance with law. 6. In the case of the assessee, it is apparent that the assessee had filed its return of loss within the due date of filing of the return U/s. 139(3) of the Act i.e., on 30/09/2015. Further, the assessee has revised its loss return for the second time U/s. 139(5) of the Act on 13/02/2017 i.e., within the expiry of one year from end of the relevant assessment year 2015-16. Therefore, the facts of the case of the assessee is identical to the facts of the case decided by the Cochin Bench of the Tribunal cited supra. Hence, keeping in view of the decision of the Hon ble Madras High Court in the case of CIT vs. Periyar Dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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