Benefit of carry forward of business loss not available if it was claimed in revised return: HC

INCOME TAX: In order to claim set off of business loss or a loss under capital gains, a return has to be necessarily filed under section 139(3) within time provided under section 139(1); however, assessee having filed a return under section 139(1), could not file a revised return under section 139(5) and sought it to be treated as one filed under section 139(3) and, in such situation, assessee's claim for carry forward and set off of business loss, cannot be allowed

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