Assessee filed its original return of income under section 139(1) on 15-10-2010 declaring certain total income. In course of scrutiny assessment, assessee filed revised return under section 139(5) after a lapse of nearly 17 months and put forward a claim towards incurring staggering Long Term Capital Loss(LTCL) and also claimed a carry forward thereof for set off against income that may arise in subsequent assessment years.  The Assessing officer denied the set off. CIT(A) affirmed the order of the Assessing Officer. On appeal the Tribunal held that  as per section 80 to be entitled to carry forward business loss or capital loss, assessee is required to file return within time allowed under section 139(1). Since original return filed under section 139(1) did not make reference to existence of any capital loss at all, instead loss had been claimed for first time in revised return filed beyond time limit prescribed under section 139(1), in such circumstances, provision of section 80 would come into play. Accordingly the capital loss claimed beyond time limit under section 139(1) could not be carried forward under section 74  of the Act.  (AY. 2010-11)