Loss claimed in Revised Return allowable despite Non-disclosure in Original Return

Sarvajit Bhatia Vs ITO (ITAT Delhi)

Under sub-section (1) of Section 139, every person whose income for the previous year exceeds the maximum amount net chargeable to tax, is required to file a  return before the due date. Sub-section (3) of Section 139 provides that any person who has sustained a loss and claims that the loss should be carried forward would file a return of loss within the time prescribed under sub-section (1) and thereupon ail the provisions of the Act shall apply as if it was a return under sub-section (1) of S

Please become a Premium member. If you are already a Premium member, login here to access the full content.