Assessee had filed its return on 31-10-2007, in old Form, its claim for carry forward of loss could not be allowed. New form was filed on 23-12-2008 i.e. beyond due date of filing of return.AO disallowed the claim for carry forward of loss. Tribunal allowed the claim of the assessee. On appeal by the revenue, High Court affirmed the view of the Tribunal. Court held that the assessee had not sought to gain any unfair advantage by filing return in old Form and moreover, it did later on comply with conditions of filing new Form. (AY. 2007-08)
CIT v. Zila Sahkari Bank (P.) Ltd (2019) 112 taxmann.com 403/ 269 Taxman 56 (All.)(HC). Editorial : SLP of revenue is dismissed; CIT v. Zila Sahkari Bank (P.) Ltd. (2020) 269 Taxman 55 (SC)
S. 80 : Return for losses-Claim for carry forward of loss- Return filed in old form-Filed revised form after due date-Entitle to carry forward the loss. [S. 139(1), 139 (3)]