Income tax

Querist : Anonymous (Querist) 24 December 2011 This query is : Resolved
my company filed income tax retun for the period 2005-06 on 2-11-2006,with a delay of 2 days.it was filed through registered post.on 31-10-2006 there was a sendoff function in the it office and the couter accepting retur was closed by 5.pm instead of the usual 5.30 pm.commissioner denied carry forward of lose as return was not filed properly u/s 139(3).we filed appeal .before it commissioner ,appeals.he dismissed the appeal.we filed second appeal before the tribunal which allowed unabsorbed depreciation but rejected claim of carry foward of lose.high court also dismissed our claim of carry forward.carry forward comes to 2.40 crores.what is the remedy avilable.will supreme court entertain our claim of carry forward?

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Pradeep Rohra (Expert) 24 December 2011
As your company has not filed a loss return u/s 139(3) with in time limit. Therefore , as per law your company is not entitle for any remedy. In my view supreme court is also not entertain your claim of carry forward.

prabhakar singh (Expert) 25 December 2011
That is why i suggest companies not to seek free lunch .When doing business always engage a professional.

Shailesh Kumar Shah (Expert) 25 December 2011
there would be also no chance.

soumitra basu (Expert) 25 December 2011
You may appeal to the Central Board of Direct Taxes. They may condone the delay.

Querist : Anonymous (Querist) 26 December 2011
yeah basu sir,

is there any chance before the CBDT after SUFFERING THE DISMISSAL ORDER OF kerala high court? PLEASE EXPLAIN.THE MATTER IS VERY URGENT.WE WERE EMPLOYING HIGHLY PROFESSIONAL AUDITORS,VERY HIGHLY RATED IN COCHIN.BUT WHAT TO SAY,HE WAS LATE IN FILING RETURNS.THEY DO AUDIT FOR COCHIN PORT TRUST...BUT THAY ARE THINGS OF PAST.WE WANT URGENT REMEDY.BASU'S SIR SUGGESTION IS WORTH MILLIONS...

R.Ramachandran (Expert) 26 December 2011
Dear Mr. Haridas,
There is no power vested in the CBDT to condone such delays.

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