Case Law Details
Case Name : Karnataka Forest Development Corp. Ltd. Vs Commissioner of Income-tax (ITAT Bangalore)
Related Assessment Year : 2004-05
Courts :
All ITAT 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
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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