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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 ..... esident staying in Edina, USA. She filed the return electronically on 31-08-2015 declaring total income at Rs.1,15,500/- earned from rent and interest on fixed deposits etc., after claiming carry forward of loss under the head `Capital gains' to the tune of Rs.43,221/-. The assessee filed a revised return on 04-07-2016 claiming carry forward of such loss for a sum of Rs.6,14,456/-. The latter return was processed u/s.143(1) of the Act 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), claimi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f return u/s.139(1) r.w.s.139(3) before the due date as per section 139(1) is sine qua non for 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. 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 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as to whether filing of the revised return, after the time stipulated u/s.139(1), claiming carry forward of loss at a higher level, can be allowed to be carried forward within the meaning of section 139(3) of the Act. Stipulation for carry forward of the loss is that the return claiming the loss must be furnished before the time prescribed under section 139(1) of the Act. The ld. DR strenuously argued that even if the original return 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 breac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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