Assessee, a software company, filed its original return on due date in which exemption under section 10B was claimed. Thereafter, assessee withdrew said exemption before completion of assessment and filed revised return in which said exemption was not claimed and certain loss was declared.\u00a0 Assessing officer denied assessee’s claim of carrying forward of losses under section 72, however same was allowed by Tribunal.\u00a0 On appeal by revenue the Court held\u00a0 submission of declaration in terms of section 10B(8) was to be treated as directory as provision of this section does not provide for any consequence by non-filing of declaration by time limit.\u00a0 Since assessee had filed said declaration before completion of assessment, appeal filed by revenue was to be dismissed. Referred\u00a0 Sambhaji\u00a0v.\u00a0Gangabai\u00a0[2008] 17 SCC 117,\u00a0Rajendra Prasad Gupta\u00a0v.\u00a0Prakash Chandra Mishra\u00a0[2011] 2 SCC 705 and\u00a0Ramji Gupta\u00a0v.\u00a0Gopi Krishan Agrawal (D)\u00a0AIR 2013 SC 3099. In\u00a0State of Bihar\u00a0v.\u00a0Bihar Rajya Bhoomi Vikas Bank Samiti\u00a0[2018] 9 SCC 472, it has been held that if infraction of procedural provision does not provide for any consequences, such a provision has to be construed as directory. In the instant case, section 10B of the Act does not provide for non-compliance of submission of declaration. (AY. 2001-02)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 72 : Carry forward and set off of business losses-Export Oriented undertakings-Declaration in terms of section 10B(8) was to be treated as directory as provision of this section does not provide for any consequence by non-filing of declaration by time limit-Carry forward and set off business losses was allowed to be set off. [S.10B(8)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-20034","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5d8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=20034"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20034\/revisions"}],"predecessor-version":[{"id":29180,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/20034\/revisions\/29180"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=20034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=20034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=20034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}