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whether return filed after notice of 142(1)is Belated Return

Suresh Prasad (www.aubsp.com) (15630 Points)

14 September 2010

Please solve this Question and improve your knowledge on tax --------- ----- ----- ---------- Q: PY 2009-10 AY 2010-11 Suresh & Brothers Ltd.has not filed return of loss of Rs. 1,15,000. AO issued a notice u/s 142(1)on 09/10/2010 for filing return within 30 days but notice was served on 15/10/2010. However, Assessee filed return on 08/11/2010(i.e. within AY). a)whether the return is Belated Return. b)Can assessee carry forward the loss? c)what will be your ans in (b)if assessee is an individual?

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11 Replies

CA Rahul Mittal (na) (253 Points)
Replied 14 September 2010

1. Not a Belated Return as the assessee filed return in response of notice issued u/s 142(1) within time limit prescribed in notice.

2. Assessee can carry forward losses only when return filed within time limit prescribed u/s 139(1) as per section 139(3 ) read with sec 80.

However if loss pertains to house property and in the nature of unabsorbed dep than no need to filed return within above time limit

3. No matter assessee is individual or company.

However company assess are mandatory to file return whether income or loss during the PY.

And individual is required to file loss return if want to carry forward losses.

Sharad Saini (Student) (286 Points)
Replied 14 September 2010

however it is not a belated return but u can't carry forward losses as if u want to carry forward losses then u need to file ITR within the time limit prescribed u/s 139(1)

Parth - CA,CS,CMA (Learner) (406 Points)
Replied 14 September 2010

I have a question for above guys saying it is not a belated return.

Does it mean tht the company can revise the said return? Coz only belated returns cant be revised.

CA.G.Muguntha Narayanan (Internal Auditor at TVS Motors) (2195 Points)
Replied 14 September 2010

Dear Parth,

It is not a belated return. (pl refer the wordings in 139(4)). Yes, the company can file a revised return u/s.139(5)

Parth - CA,CS,CMA (Learner) (406 Points)
Replied 14 September 2010

Ya i didnt object the fact that it is not belated one. I was only confused as to whether it can be revised or not.

Thanx G. Muguntha

Sunshine (Helping All) (10575 Points)
Replied 14 September 2010

its not belated return nd so it can be revised........

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 14 September 2010

AGREED WITH FRIENDS.

REGARDS,

MANOJ

JINESH SHAH (PRACTICING CA) (151 Points)
Replied 14 September 2010

not belated return...

Loss cant be carried forward except HP & Dep.

nidhi jain (student) (177 Points)
Replied 14 September 2010

According to Girish Ahuja sir, it is comes under the section of 139(4) that is belated return

but it has a exception

that we can revised this return if it is served as notice under sec. 142(1) and same return filed within notice specified time limit

As sir said in the lecture that it is a biggest mistake in law but we follow the law so it can be revised but loss cannot be carry forward except house property and unabsorbed dep. because for loss it must be filed the return u/s 139(1)if any assesse want to carry forward the loss.

as per 139(1) company and firm whose account audited it is necessary to file the retun either it is of income or loss.

if anybody have any query related to this chapter or any other in DT , IDT, Accounts upto CA Final level. i would like to share my view also. so please email me on nidhi_accountant @ yahoo.co.in

nidhi jain (student) (177 Points)
Replied 14 September 2010

I m recently attending the Girish Ahuja sir classes so i said this very confidently if anybody proves that i m wrong so i again clarify the same point to the sir. May be i heard wrong but in books of girish ahuja sir also written same as i said above.

please reply

CA Rahul Mittal (na) (253 Points)
Replied 15 September 2010

Originally posted by : nidhi jain
	According to Girish Ahuja sir, it is comes under the section of 139(4) that is belated return but it has a exception that we can revised this return if it is served as notice under sec. 142(1) and same return filed within notice specified time limit As sir said in the lecture that it is a biggest mistake in law but we follow the law so it can be revised but loss cannot be carry forward except house property and unabsorbed dep. because for loss it must be filed the return u/s 139(1)if any assesse want to carry forward the loss. as per 139(1) company and firm whose account audited it is necessary to file the retun either it is of income or loss. if anybody have any query related to this chapter or any other in DT , IDT, Accounts upto CA Final level. i would like to share my view also. so please email me on nidhi_accountant @ yahoo.co.in