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Losses not claimed in original Return, cannot be claimed by filing revised return
Case Law Details
- Case Name
- Karnataka Forest Development Corp. Ltd. Vs Commissioner of Income-tax (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004-05
- Courts
- ITAT Bangalore
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IN THE ITAT BANGALORE BENCH ‘A’
Karnataka Forest Development Corp. Ltd.
V/s.
Commissioner of Income-tax
I T APPEAL NO. 81(BANG.) OF 2011
[ASSESSMENT YEAR 2004-05]
MARCH 30, 2012
ORDER
Smt. P. Madhavi Devi, Judicial Member
This appeal is filed by the assessee. The appeal is directed against the order of the Commissioner of Income-tax – I at Bangalore dated 2.11.2010. The appeal arises out of the order passed u/s 143(3) of the Income-tax Act, 1961.
2. In this appeal, the assessee is aggrieved by the order of the CIT(A) in confirming the order of the AO that the revised return ...
Whether in the original return there was a positive income, due to investigation and survey there was upward revision of income and expenses resulting in payment of penalties duty etc by compounding. the revised return incorporated all these income and resulted in loss. Whether the assessee can claim loss or not.
Failure to file return of loss within time allowed in section 139(3) : Loss cannot be carried forward and set off : Joginder Paul (HUF) v. CIT (P&H) 331 ITR 31