Dismissing the appeal of the revenue the Tribunal held that ; A return filed u/s 153A is deemed to be a return filed u/s 139(1). Accordingly, the restrictive provisions of S. 80 do not apply. The return u/s 153A, once accepted and assessed, replaces the original return filed u/s 139. Therefore, the assessee is eligible for carry forward business loss .( ITA No. I.T.A. No.2461/DEL/2016, dt. 06.06.2018)(AY. 2010-11)
ACIT v. Splendor Landbase Limited ( Delhi)(Trib) , www.itatonline.org
S. 80 : Return for losses – Unabsorbed depreciation and carried forward losses – A return filed u/s 153A is deemed to be a return filed u/s 139(1). Accordingly, the restrictive provisions of S. 80 do not apply. The return u/s 153A, once accepted and assessed, replaces the original return filed u/s 139. Therefore, the assessee is eligible for carry forward business loss [ S.139(1), 153A ]