Return of income was filed before due date (i.e. 30th September). Later the return was revised within allowed duration. In the revised return, loss was declared. Can the assessee carry forward the loss?
Return of income was filed before due date (i.e. 30th September). Later the return was revised within allowed duration. In the revised return, loss was declared. Can the assessee carry forward the loss?
Yes, the loss can be carried forward.
No, the loss can not be carried forward as per the provisions of section 139(3) read with section 80.
"
Submission of return for losses.
80. Notwithstanding anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed 64[in accordance with the provisions of sub-section (3) of section 139], shall be carried forward and set off under sub-section (1) of section 72or sub-section (2) of section 73 or sub-section (1) 65[or sub-section (3)] of section 74 66[or sub-section (3) of section 74A]."
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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