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TMI Blog2023 (2) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... carry forward of loss under the head Capital gains . In the instant case, the assessee furnished her original return electronically on 31-08-2015, which is otherwise before the prescribed due date. The only reason assigned for declaring the original return as invalid is her non sending of acknowledgement of such return to the Central Processing unit of the Department. Requirement of furnishing the return electronically had another procedural requirement of taking a print out of such electronically filed return and sending it to the CPC as an acknowledgement of having furnished the return electronically. A cursory look of these two requirement transpires that whereas the first one of furnishing the return electronically is a mandatory on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eaning of section 139(3) of the Act? - Once a revised return is filed within the time permitted u/s.139(5), it substitutes the original return in all respects. It is construed as if the particulars furnished in the revised return were the particulars furnished in the original return and that such return was filed on the date when the original return was filed. If that is the position, we fail to comprehend as to how the enhanced amount of carry forward of loss claimed in the revised return [filed after the due date u/s.139(1) but within the time prescribed u/s.139(5)] can be restricted only to the extent of loss [claimed in the original return u/s 139(1)]. Since the assessee furnished the revised return within the stipulated period claimin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowing carry forward of long term capital loss of Rs.6,14,456/-. A rectification petition was filed on 04-12-2018, which came to be dismissed by means of an order u/s.154 passed on 17-12-2018. The assessee carried the matter before the ld. CIT(A) contending that the revised return filed u/s.139(5), claiming carry forward of long term capital loss of Rs.6,14,456/-, ought to have been permitted. The ld. CIT(A) did not countenance the assessee s claim by holding that the original return filed by the assessee was invalid because of non-receipt of acknowledgement by the CPC. Hence, the so-called revised return was, in fact, a belated return filed beyond the time u/s.139(1) r.w.s.139(3). Ex consequenti, the claim of carry forward of loss un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing unit of the Department. At the material time, requirement of furnishing the return electronically had another procedural requirement of taking a print out of such electronically filed return and sending it to the CPC as an acknowledgement of having furnished the return electronically. A cursory look of these two requirement transpires that whereas the first one of furnishing the return electronically is a mandatory one, the second one of sending acknowledgement of such filed return to the CPC is only directory. Non-compliance or late compliance of the second procedural requirement cannot invalidate the compliance of the first mandatory requirement, so as to make an otherwise valid return a non est. Since the procedural requirement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn filed by the assessee is treated as valid, still loss to the extent only of Rs.43,221/- can be allowed to be carried forward, which was the amount as per the original return and not the enhanced amount of loss that was claimed in the revised return filed after the due date u/s.139(1) of the Act, thereby breaching the mandate of section 139(3), which says that the loss can be carried forward only if the return is filed before the due date as per section 139(1) of the Act. This contention is sans merit. Once a revised return is filed within the time permitted u/s.139(5), it substitutes the original return in all respects. It is construed as if the particulars furnished in the revised return were the particulars furnished in the original ..... X X X X Extracts X X X X X X X X Extracts X X X X
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