Benefit of carry forward of loss available even if there is delay in submission of ITR – V
Decision: In assessee’s favour.
Set off and carry forward of losses– Delay in submitting ITR-V however filed ITR on time-Entitlement
Assessee company had e-filed the return of income on 30-9-2008 and had filed the ITR-V on 31-3-2009. Relying upon the Board’s Notification No. SO 1281(E) dated 27-7-2007, AO had concluded that the return of income was due to have been filed on the day when ITR-V was filed, i.e., on 31-3-2009. Therefore, since return was not filed within the due date as required under section 139(1) of the Act, no carry forward of losses was allowed for future years.
In the instant case, the ITR-V was filed though belatedly, but on 31-3-2009. The return of income was filed well before the due date of filing of return under section 139(1). Mere delay in submitting the ITR-V does not make the return invalid for denying the benefit of carry forward of losses in future years. Therefore, assessee was entitled to carry forward of loss to
home Submit Article Ask Question