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    As per the provisions of Sec 80 of Income Tax Act, 1961 (‘Act’) assessee has to file return as per Section 139(3) of the Act to carry forward Business Loss/ Loss from Speculative Business/ Loss under the head Capital Gains etc.

    Sec 139(3) requires the assessee to file return of loss to carry forward the losses referred above within in the time limit prescribed under Section 139(1). 

    In case, if search is conducted under Section 132 of the Act, then the provisions of the Section 139 will apply subject to modifications mentioned in Section 153A. In other words, the provisions of Section 153A suspend the operation of provisions of Section 139 to the extent indicated therein. 

    The issue of carry forward of loss by filing a return in pursuance of notice issue under Section 153A(1) (a) which is beyond the time limit specified under Section 139(3) was dealt with by Honourable High Court1 recently. 

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