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TMI Blog2022 (3) TMI 375X X X X Extracts X X X X X X X X Extracts X X X X ..... losses of earlier year. As consistent with the view taken by the co-ordinate Bench in the assessee s own case for earlier assessment year, we are of the considered view that there is no error in the reasons given by the learned CIT(A) and direct the Assessing Officer to accept revised return filed by the assessee u/s.139(5) of the Act, and allow set off of brought forward losses of earlier years against current year income - Decided against revenue. - I.T.A.No.2323/Chny/2016 - - - Dated:- 23-2-2022 - Shri V. Durga Rao, Judicial Member And Shri G. Manjunatha, Accountant Member For the Appellant : Mrs.Jothilakshmi Nayak, CIT For the Respondent : Mr. R.Vijayaraghavan, Advocate ORDER PER G.MANJUNATHA, AM: This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y along with affidavit explaining reasons for the delay in filing appeal has been filed. The learned DR further submitted that the delay in filing appeal was due to delay in getting approval from the concerned CIT and during this process, due to inadvertent mistake files got mixed up with other files. As soon as records pertaining to this appellant was traced, appeal papers were prepared for submission and appeal was filed, which caused delay of three days. Therefore, considering reasons given by the Department, 3 days delay in filing appeal may be condoned. The learned AR, on the other hand, did not oppose for condonation petition filed by the revenue. 4. Having heard both the sides and considered petition filed by the Revenue for condo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly filed revised return of income ion 30.10.2006 and such return was within the prescribed date u/s.139(4) of the Income Tax Act, 1961. The Assessing Officer has disallowed set off of brought forward loss of the assessee against income of the current year on the ground that original return filed by the assessee u/s.139(1) is defective and thus, revised return filed by the assessee u/s.139(5) of the Act, after due date for filing of return of income u/s.139(1) cannot be considered as valid return and thus, disallowed set off of brought forward business loss against current year income. The assessee carried the matter in appeal before learned CIT(A). Before the learned CIT(A), the assessee contended that this issue is covered in favour of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed return was filed within the due date as per Sec. 139(5). In order to treat the original return filed u/s. 139(1), the AO must have invoked Sec. 139(9) by giving an opportunity to the appellant which the AO has failed to do so. The appellant has objected by stating that without issuing a notice u/s. 139(9) of the IT Act, the AO has unilaterally decided that the original return of income filed by the appellant was defective and has denied the appellant s claim of carry forward of loss u/s 80 of IT Act. The appellant has further relied on the decisions of Hon ble ITAT, Chennai and the CIT(A) in its own case on this issue decided in favour of the appellant. I have perused the aforesaid decisions which have been reproduced above under para 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within due date prescribed u/s.139(5) of the Act, then revised return filed, would be valid return and on that basis the Assessing Officer should allow set off of carry forward losses of earlier year. The relevant findings of the Tribunal are as under:- 4.5 In the assessee s own case in I.T.A.No.1639/Mds/06 the Tribunal has held in paragraph 11 as under: In view of the discussions in the foregoing paragraphs and in the light of the judgments of the High Courts discussed above, we direct the Assessing Officer to allow carry forward of loss mentioned in the revised return. 4.6 In view of the facts and circumstances of the case as well as the legal proposition profounded in the judgements supra. we are of the view that the de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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