The Tax Publishers2020 TaxPub(DT) 5245 (Karn-HC) : (2021) 277 TAXMAN 0309

INCOME TAX ACT, 1961

Section 72

Denial of benefit of carry forward of losses under section 72 on the ground of filing of declaration after due date of filing original return of income could not be held as justified as assessee contended that as per section 10B(8) submission of declaration is mandatory, whereas, date of submission of declaration is a directory requirement and where the assessee had complied with the requirement of submission of declaration before completion of the assessment.

Loss - Carry forward and set-off - Contravention of provisions of section 10B(8) -

Revenue filed appeal against the order of Tribunal wherein it was held that assessee was entitled to claim of carry forward of losses under section 72 even when the assessee had filed declaration as required under section 10B(8) after due date of filing original return of income. Held: Assessee contended that as per section 10B(8) submission of declaration is mandatory, whereas, date of submission of declaration is a directory requirement and the assessee had complied with the requirement of submission of declaration before completion of the assessment and therefore, the Tribunal had rightly held that the assessee was entitled for benefit of carrying forward of losses under section 72.

REFERRED : State of Bihar & Ors. v. Bihar Rajya Bhumi Vikas Bank Samiti (2018) 9 SCC 472 (SC) : 2018 TaxPub(CL) 863 (SC), Ramji Gupta and Ors. v. Gopi Krishan Agrawal (D) & Ors. AIR 2013 SC 3099, Rajendra Prasad Gupta v. Prakash Chandra Mishra & Ors. (2011) 11 SCALE 469, Sambhaji v. Gangabai (2008) 17 SCC 117, S. Amarjit Singh Kalra (dead) v. Pramod Gupta & Ors. (2003) 3 SCC 272, CIT v. Rana Polycot Ltd. (2012) 347 ITR 466 (P&H) : 2012 TaxPub(DT) 2745 (P&H-HC), CIT v. Moser Baer India Ltd. 2007 TaxPub(DT) 1502 (Del-HC) and CIT v. G.M. Knitting Industries (P.) Ltd. & Aks Alloys (P.) Ltd. (2015) 376 ITR 456 (SC) : 2015 TaxPub(DT) 3423 (SC).

FAVOUR : In favour of assessee.

A.Y. : 2001-02



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