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Querist : Anonymous (Querist) 15 December 2009 This query is : Resolved
the assessee firm voluntarily filed late its loss retun for a.y.2007-08 on 31.10.2007.and revised return was filed on 17.03.2009.iwant to know that it will be treated as valid return.the assessing officer said it is non-est return.i want some case laws.thanking you.

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Vineet (Expert) 15 December 2009
The assessee has filed a belated retuen u/s 139(4) of the Act and therefore cannot claim benefit of carry forward of loss (Refer section 80 Also).

Further as it is a belated return u/s 139(4) the same cannot be revised umder subsection (5) as the said clause allows revised return in the matters of return filed u/s 139(1) only. This has been upheld by Supreme Court in the case of Kumar Jagdish Chandra Sinha (220 ITR 67). So the ITO is correct in holding return filed on 17-3-2009 as non-est.