Belated Section 139(3) Return – No prohibition to adjust brought forward losses 

DCIT Vs Oasis Textiles Ltd. (ITAT Ahmedabad) There is no dispute to the fact that the petition filed before the settlement commission disclosing an income of Rs.1,46,50,000/-was rejected. Once the petition got rejected, the only recourse available with the revenue to consider such amount disclosed in the settlement petition as the income under normal computation of income. Indeed, the assessee disclosed the income declared in the settlement commission but has given the set off of the brought forward losses/unabsorbed depreciation against such income which eventually make the taxable income at ...