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TMI Blog2021 (8) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... of such year would be subject to assessment by the revenue for the first time and the earlier return filed for the purpose of assessment would be treated as non est in law - return filed under section 153A(1)(a) is return furnished under section 139 - provision of the Act which would be otherwise applicable in the case of return filed under section 139(1) of the Act would also apply in case of return filed under section 153A of the Act. Where the assessments are not abated or no assessments are pending as on the date of the search, the return of income filed under section 139 cannot be treated as non est. In such completed assessments, addition if any can be made on the basis of the income relating incriminating material otherwise the po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 1961 (the Act) is actually revised return u/s 139 (5) of the Act? 2. Whether in facts and circumstances of the case and in law, the Ld. CIT(A) is legally justified in holding that return of income filed by the assessee in response to notice u/s 153 A of the Act after a delay of more than six months from due date of filing of return as specified in notice u/s 153A could not held as belated return if the same was filed within time period as allowed u/s 139 (5) of the Act? 3. Whether in facts and circumstances of the case and in law, the Ld. C1T(A) is legally justified in holding that even if the assessee had not filed return of income within time specified in the notice u/s 153A of the Act it was entitled for carry forward of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned loss of ₹ 1,57,26,706/-. (v) Subsequently, the Assessing Officer issued notice under section 154 of the Act on 28/03/2013, proposing for denying carry-forward of loss claimed in the return filed under section 153A on the ground that return was not filed within the stipulated period of 16 days. (vi) The Assessing Officer rejected the contention of the assessee and denied to carry forward of the loss of ₹ 1,57,26,756/-reported in return filed under section 153A of the Act. (vii) On further appeal, the Ld. CIT(A) allowed the claim of the assessee of carry-forward of the losses claimed in the year under consideration . (viii) Aggrieved, the Revenue is before the Tribunal raising the grounds as reproduced above. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Act, loss claimed in the return of income can be allowed to carry forward, if the return is filed within the time allowed under section 139(1) of the Act. Further, section 80 of the Act has also laid down that loss shall not be carried forward under section 72 of the Act, if same is not determined in pursuance of the return filed under section 139(3) of the Act. So as far as carry forward of the loss of ₹ 1,82,31,067/- under regular provisions of the Act is concerned, it has not been disputed. The dispute arose when the assessee filed return of income under section 153A of the Act. The Assessing Officer directed the assessee to file return of income under section 153A within 16 days of the issue of the notice dated 30/07/2007 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.1 The section prescribe that so far as may be the return filed under section 153A shall be treated as if it was required to be furnished under section 139. Therefore, according to the Assessing Officer, once the return under section 153A has been filed beyond the due date prescribed in the notice, the assessee is not entitled for carry-forward of the losses. 6.2 In our opinion, the Assessing Officer has not correctly interpreted the provision. In our view, two situations arise in 153A proceedings, firstly where assessment proceeding get abetted and; secondly, where assessment proceeding are not abetted. The consequence of notice under section 153A(1)(a) of the Act is that the assessee is required to furnish fresh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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