Dismissing the appeal the Court held that the return claiming loss had been submitted with a delay of just one day and even that was caused by a bona fide error. The mistake could be rectified. Court gave liberty to the assessee to file an application under section 119(2)(b) of the Act before the competent authority seeking condonation of delay in filing returns and thereafter carry forward of loss to the subsequent assessment year which were incurred during the assessment year 2004-05.(AY.2006-07)
Kolar and Chickballapur District Co-Op. Bank Ltd. v. A CIT (2021) 439 ITR 678 (Karn.)(HC)
S. 154 : Rectification of mistake-Loss return-One day delay in filling of return-Mistake must be obvious-Assessment order passed without considering the delay in filing of return-Mistake which could be rectified-Liberty given to the assessee to file an application before CBDT. [S. 80, 119(2)(b), 139(3)]