P.K. Bansal, A.M. - (1.) THESE four appeals since involved common issue, therefore, they are being disposed of by this common order.
(2.) The brief facts in all the cases are common except that in ITA No. 192/V/2001 and ITA No. 215/V/2001. The orders for the asst. yr, 1996-97 were passed under Section 143(1)(b) while in ITA Nos. 213 and 214/V/2001, the orders were passed by the AO under Section 154. The issue involved in all these cases is whether Section 139(5) may enable an assessee to file the revised return of income declaring therein a loss under the head income from capital gain which was omitted to be disclosed in the original return filed under Section 139(1) and whether the assessee would be entitled to carry forward such loss for set off against the income of the subsequent years in view of specific requirement of Section 139(3) of filing the return for claim of such loss within the time as allowed under Section 139(1).
(3.) THE first appellate authority, when the issue came before it for hearing, dismissed the appeals of the assessee holding that the assessee has incurred the loss under the head income from capital gain, the assessee has to file a return under Section 139(3). Section 139(5) may enable an assessee to file a revised return of income declaring therein a loss which was omitted to be disclosed in the original return of income filed in time, but that would not entitle the assessee to carry forward such loss for set off against the income of the subsequent assessment years.;