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Acknowledgement V - "Item 3a" ??????

Amit Ingale (Student CA Final) (1454 Points)

16 April 2010

What does the "Item 3a" in acknowledgment V mean ????

please explain with an full fledge example.

Please.

Thanking in advance.

Regards

Amit Ingale.

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3 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 16 April 2010

It states current year losses if any. In case you have any losses to be carried forward to next A. Y. it will be mentioned here on the acknowledgement.

Amit Ingale (Student CA Final) (1454 Points)
Replied 16 April 2010

Ok.

thanks !!!

In one of the case of ROI for AY 2008-09,

the loss from HP, is went to that column, rather than reducing the income for computed GTI, while filling retunr of inocme, and now he has recived the intimation u/s 143(1) cum deemed notice of demand. and now last date for revising the ROI for AY 0809 is also over.

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 16 April 2010

You could use this case law:

ITO must allow set off even if it is not claimed - There is a duty cast on the ITO to apply the relevant provisions of the Act for the purpose of determining the true figure of the assessee’s taxable income and the consequential tax liability. Merely because the assessee fails to claim the benefit of a set off, it cannot relieve the ITO of his duty to apply section 72 in an appropriate case - CIT v. Mahalakhsmi Sugar Mills Co. Ltd. [1986] 160 ITR 920 (SC).