Law:

Section:

Section 80, read with section 139, of the Income-tax Act, 1961 - Losses - Loss return - Assessment year 1976-77 - In pursuance of return filed by assessee, Assessing Officer determined loss - However, benefit of carry-forward and set-off was not granted on ground that return was not filed under section 139(3) - Whether since section 80 did not specifically refer to return under section 139(3) and at relevant period of time, referred to return filed under section 139, without specifying sub-section thereof, benefit of carry-forward and set-off of loss was available to assessee - Held, yes FACTS In pursuance of the return, the Assessing Officer determined the loss of the assessee, a private limited company. The Assessing Officer, however, did not grant the benefit of carry-forward and set-off on the ground that the return was not filed under section 139(3). On appeal, the AAC upheld the order of the Assessing Officer. On further appeal, the Tribunal directed the Assessing Officer to carry-forward and set-off the loss. On reference : HELD A conjoint reading of section 80 and section 139 shows that till amendment of section 80 by the Direct Tax Laws (Amendment) Act, 1987 a belated return filed under any of the provisions of section 139 was sufficient for the purpose of determination and carry-forward of loss. It is not permissible to read in isolation loss that has to be determined and carried forward under section 80. In fact, sub-section (3) of section 139 dealt with the claim of the assessee that loss or any part thereof should be carried forward under various sub-sections of sections 72, 73, 74 and 74A. Where such a claim is made, a return of loss has to be filed. Section 80 deals with submission of return for losses. As the legislative history of section 80 would go to show, for the period to which the instant dispute related, there was no reference to sub-section (3) of section 139. Since section 80 which deals with submission of return for losses did not specifically refer to return under section 139(3) and at the relevant point of time referred to return filed under section 139, without specifying the sub-section thereof, the benefit of carry-forward and…

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