Section 80 of the income tax act, 1961

This query is : Resolved

CA SHAH DILEEPKUMAR (Querist)
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21 December 2011 Sir if the original return of income filed before due date with positive business income u/s. 139(1) and thereafter return of income revised and business loss return filed u/s. 139(5) of the Act. The loss as shown in revised return can be carried forward and set off against future income. Pl reply at earliest

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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21 December 2011 As per the judgement in case of Dhampur Sugar Mills ltd. revised return u/s 139(5) substitutes the original return from the date the original retrun filled.

Hence revise return steps into the shoes of the original return. thereby as per the provisions of sec 80 read with sec 139(3),the loss shall be carried forward.