S. 80 requires that if loss has to be carried forward it has to be determined in pursuance of a return filed u/s 139(3). The words “within the time allowed u/s 139(1)” have been deleted from S. 80 long back.
S. 139(3) requires that if a person has sustained loss and claims that loss to be carried forward, may furnish a return of loss, within the time allowed u/s 139(1), and the provisions of Act shall apply as if it was filed u/s 139(1).
Section 139(4) requires that any person who has not furnished a return within the time allowed u/s 139(1), or within the time allowed in the notice u/s 142(1), may furnish the return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Let us examine the word “a return”: -
The word “a return” used in S. 139(4) does not specifically exclude the return filed u/s 139(3).
The word “a return” in its large connotation also includes the loss return u/s 139(3).
It can also be said that the word “a return” here means any return, which is supposed to be filed within the time allowed u/s 139(1), or within the time allowed in the notice u/s 142(1).
Since loss return u/s 139(3) is required to be filed within the time allowed u/s 139(1), and S. 139(4) provides for belated filing of a return not filed u/s 139(1) or notice u/s 142(1), it can be said that loss return u/s 139(3) is also file able belatedly u/s 139(4).
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