Mere delay in submitting ITR-V does not make return invalid to deny benefit of carry forward of losses

M/s. Electronics & Controls Power Systems Pvt. Ltd. Vs DCIT (ITAT Bangalore) In the instant case, the ITR-V was filed though belated but on 31.03.2009. The return of income was filed well before the due date of filing of return under section 139(1) of the Act. Mere delay in submitting the ITR-V does not make the return invalid for denying the benefit of carry forward of losses in future years. We therefore hold that the assessee is entitled to carry forward of loss to future years. FULL TEXT OF THE ITAT JUDGMENT This appeal is preferred by the assessee against the order of the CIT(A), inte...