20 August 2011
The return filed u/s 139(1)shows profit. Revised return is filed within time limits.But loss is claimed in revised return. Can this loss will be allowed to carry forward? Pls guide with recent case law ( case of Mumbai High court is preferred)
22 August 2011
When return is filed u/s 139(1) and it showed profit, the assessee must have paid tax on the above taxable income.Now on filing revised return the assessee has found loss. It indicates that the return prepared basing on unaudited accounts and after audit the real picture comes to view. The assessee in this case could claim refund for the tax already paid by him.Further since the revised return is filed in time it is valid and thus the loss claimed on it can be carried forward to subsequent eight assessment years as per the provisions sec.72 of IT Act.
CAclubindia
