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TMI Blog2021 (2) TMI 1001X X X X Extracts X X X X X X X X Extracts X X X X ..... owed twice while filing the original return of income has been corrected while filing the return of income under section 153A of the Act and there is no fresh claim of any expenditure or loss which was not claimed earlier and has now been claimed for the first time while filing the return in response to notice u/s 153A of the Act. Though the original return of income was filed on 21.09.2012 and the time limit for filing the revised return had expired as contended by the ld CIT/DR, however, being a mistake apparent from record, the assessee can invoke the provision of section 154 and seek rectification of intimation issued u/s 143(1) dated 15.03.2013 before expiry of four years and which has not expired at the time of issuance of notice u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowance of loss to be carried forwarded by considering the order of Hon ble Rajasthan High Court in case of M/s Jai Steel Vs. ACIT, 36 taxmann.com 523. 2. The ld AR submitted that the assessee company is having income from toll collection. It filed its original return of income on 21.09.2012 declaring loss of ₹ 22,31,247/-. A search was conducted on 17.12.2014 at the premises of assessee. In response to notice u/s 153A, assessee filed the return of income on 15.05.2015 declaring total loss of ₹ 44,51,756/-. The AO did not allow the excess loss of ₹ 22,20,509/- claimed by the assessee in the return filed u/s 153A by holding that loss claimed in the original return filed u/s 139(1) will only be allowed. The Ld. CIT(A) after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that it is not open for the assessee to seek deduction or claim expenditure which has not been claimed in the original assessment, which assessment already stands completed, only because assessment under section 153A of the Act in pursuance of search or requisition is required to be made. However, the present case is not a case of claim of deduction or expenditure but only a case of correct computation of income. Hence, the decision of Jai Steels relied on by the CIT(A) is not applicable in assessee s case. 5. It was further submitted by the ld AR that otherwise also, in various cases, it is held that once return of income is filed under section 153A of the Act, it has to be considered as a return of income filed under section 139 of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee during the course of appellate proceedings before the ld CIT(A) is as under:- 8. The claim of the assessee is that income tax expenses of ₹ 22,20,509/- has been added twice to the loss of ₹ 68,46,302/- as per the profit/loss account while filing the original return of income and the same has now been rectified while filing the return in response to notice u/s 153A of the Act. On perusal of the assessee s financial statements, we find that there is a loss of ₹ 68,46,302/- as reflected in the profit/loss account and the said loss has been computed after claim expense under the head Income tax amounting to ₹ 22,20,509/- and the details of the same as per ledger account is as under:- 9. We therefore find that wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inal return e-filed on 21.09.2012 wherein loss of ₹ 22,31,247/- has been claimed which was revised to a loss of ₹ 45,51,756 in the return filed u/s 153A and loss claimed in the original return of income e-filed u/s 139(1) will only be allowed. The ld CIT(A) has however stated that it is a case of fresh claim and the AO was right as no fresh claim can be filed in return filed u/s 153A of the Act. We find that both the authorities have not appreciated the exact reasons for the difference in the loss figures as per the original return and return filed in response to notice u/s 153A and has summarily rejected the assessee s position and as we have noted above, it is a case of mistake whereby the income tax expense which has been dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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