Allowing the appeal of the assessee the Court held that ;for purpose of carrying forward loss in terms of section 72, read with section 80, in a case where search operations have been conducted under section 132, time to file return within meaning of section 139(3) has to be regarded as reasonable time afforded by consequent notice issued under section 153A(1)(a),therefore, when return is filed by assessee within reasonable time permitted by such notice under section 153A(1)(a), such return would then be deemed to have been filed within time permitted under section 139(1) for benefit under section 139(3) to be availed of by assessee .( AY.2004 -05)
Shrikant Mohta. v. CIT (2018) 257 Taxman 43 / 170 DTR 50/ 304 CTR 650/( 2019) 414 ITR 270 (Cal)(HC)
S. 72 : Carry forward and set off of business losses -Search- Return is filed by assessee within reasonable time permitted by issue of notice under S. 153A(1)(a), such return will be deemed to have been filed within time permitted under S. 139(1) for benefit under S. 139(3) to be availed of by assessee [ S.80, 139, 153A ]