Case law
This query is : Resolved
20 August 2011
The return filed u/s 139(1)shows profit. Revised return is filed within time limits.But loss is claimed in revised return. Can this loss will be allowed to carry forward? Pls guide with recent case law
( case of Mumbai High court is preferred)
( case of Mumbai High court is preferred)
22 August 2011
When return is filed u/s 139(1) and it showed profit, the assessee must have paid tax on the above taxable income.Now on filing revised return the assessee has found loss. It indicates that the return prepared basing on unaudited accounts and after audit the real picture comes to view. The assessee in this case could claim refund for the tax already paid by him.Further since the revised return is filed in time it is valid and thus the loss claimed on it can be carried forward to subsequent eight assessment years as per the provisions sec.72 of IT Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
