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TMI Blog2024 (4) TMI 200X X X X Extracts X X X X X X X X Extracts X X X X ..... Nikunt Raval for the respondent no. 3. 2. By this petition under Article 227 of the Constitution of India, the petitioner has prayed for the following reliefs: "(A) This Hon'ble Court may be pleased to issue a writ of mandamus or any other appropriate writ in the nature of mandamus and/or an appropriate writ, order or direction, for quashing and setting aside the impugned order dated 09.10.2019 passed by the respondent no. 1 authority; (B) Pending admission, hearing and final disposal of this petition, this Hon'ble Court may be pleased to stay the operation, execution and implementation of the impugned order dated 09.10.2019 passed by the respondent no. 1 authority; (C) Pending the admission, hearing and final disposal of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Year 2016-17 on 30.03.2017 declaring total income of Rs. 2,09,140/-. The petitioner had earned a profit of Rs. 80,18,157/- for Assessment Year 2016-17 on account of derivative transactions and accordingly adjusted the unabsorbed loss amounting to Rs. 2,52,12,010/- incurred by the petitioner in the Assessment Year 2015-16 and after adjustments, the petitioner claimed for carry forward of remaining loss amounting to Rs. 1,87,70,685/- as unabsorbed business loss to be adjusted in subsequent Assessment Years. 3.5. The Assessing Officer however, while framing the scrutiny assessment for 2016-17 after issuance of notice under Section 143(2) and 142(1) of the Act and after considering the details submitted by the petitioner did not allow to carry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdhship by two cogent reasons that the petitioner had engaged a part time unqualified accountant who was not having the knowledge about claiming the loss in return of income and that the return of income claiming loss should be filed before the due date of return, so as to enable the petitioner to carry forward the same as per the provisions of the Act. It was further pointed out that the mother of the petitioner was not well and therefore the petitioner had a genuine cause for not filing the return in time. 4.1. It was therefore submitted that considering the provision of Section 119(2)(b) of the Act, the respondent no. 1 is required to admit an application for claim for exemption, deduction, refund or relief claimed by the petitioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not in dispute that the petitioner has not claimed the carry forward of loss of Rs. 2,52,12,010/- arising out of the derivative transaction for Assessment Year 2015-16 in the return of income filed by the petitioner for Assessment Year 2015-16 on 29.03.2016. 7. It would therefore be germane to refer to the provision of Section 119(2)(b) of the Act as under: "119(2)(b) the Board may, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of cases, by general or special order, authorise [any income-tax authority, not being a [a Joint Commissioner (Appeals)] to admit an application or claim for any exemption, deduction, refund or any other relief under this Act after the expiry of the period s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act provides for filing return of income so as to enable the assessee to carry forward if the return is filed within time as per Section 139(1) of the Act. 13. Therefore, there was no question to condone the delay to carry forward such loss by the petitioner, moreover, the petitioner has also failed to show any hardships, much less any genuine hardship for filing the return of income for Assessment Year 2015-16 belatedly on 29.03.2016. It is also appearing from the impugned order passed by the respondent no. 1 that the petitioner is habitual in late filing the return of income from Assessment Year 2011-12 to 2017-18 in the month of March of the relevant Assessment Year only. 14. Thus, taking into consideration above facts and the law, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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