Benefit of carry forward of loss available even if there is delay in submission of ITR – V

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submission of ITR - V

Benefit of carry forward of loss available even if there is delay in submission of ITR – V


Electronics & Controls Power Systems (P) Ltd. v. Dy. CIT

Decision:    In assessee’s favour.

Set off and carry forward of losses– Delay in submitting ITR-V however filed ITR on time-Entitlement

Facts:

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.

Held:

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


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