2004 (2) TMI 740

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... carry forward of the said loss. Subsequently, a revised return was filed after the final audit of accounts indicating higher loss. The Assessing Officer restricted the carry forward of loss as per the original return. The Assessee / Respondent filed appeal. The Appellate Authority while holding that the revised return was a valid return, observed that, for the purpose of carry forward of loss, the only return filed under Section 139(3)can be taken into account. Accordingly, the order of the Assessing Officer was confirmed. Aggrieved by the aforesaid order, the assessee filed appeal before the Income Tax Appellate Tribunal. The Tribunal observed that once a revised return was filed under Section 139(5), such a return has to .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tion. 6. To appreciate the contention of the learned counsel for the appellant, it is necessary to refer the relevant provisions, namely Sections 139(3) and 139(5) of the Income Tax Act, which are quoted here under:- 139(3) If any person who has sustained a loss in any previous year under the head Profits and gains of business or profession or under the head Capital gains and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, or sub-section (1) or sub-section (3 ) of section 74, or sub-section (3) of section 74A, he may furnish, within the time allowed under sub-section (1), a return of loss in the prescribed form and verified in the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Section 139(3). 8. Learned counsel appearing for the appellant has further submitted that Section 80 of the Income Tax Act, which contains the provision relating to carry forward of loss, does not contemplate that a revised return can be filed, and therefore, the loss as indicated in the original return alone can be taken into account. We do not consider such a contention to be tenable. In the face of the specific provision contained in Section 139(3) laying down that all the provisions contained in the Act shall apply to a return under Section 139(1), there was no further necessity in Section 80 to refer so such provisions. On the other hand, there is no specific provision contained either in Section 80 or in .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X