14 February 2010
If an assessee does not submit a Loss return u/s 139(3) within the time limit u/s 139(1), he is not allowed to carry forward losses(other than HP Loss).
Again, if an assessee files a return u/s 139(1) or whithin the date specified in the Notice u/s 142(1), he is allowed to Revise the return.
My question is- If an assessee files a return showing PROFIT in response to a notice u/s 142(1) after expiary of date u/s 139(1) but within the date u/s 142(1) and there after he Revises the return showing a LOSS, can he be allowed to carryfoeward the loss?
CAclubindia
