The assessee’s submissions were considered carefully, and the same were found not tenable for the reasons that in the assessment order, the AO has very loudly, clearly and specifically mentioned that the assessee filed its return declaring nil income. The AO made certain additions/disallowances to assess the total income at Rs.1,45,467/- for AY 2007-08, which was adjusted against the B/F losses. Since, the assessment order has been passed after a period of almost two years from filing of the return and after affording the assessee sufficient opportunity of being heard, it prevails over the return. It may further be noted that if there was any mistake in the assessment order, the assessee had many options like resorting to filing of a rectification application u/s 154, filing of an appeal before CIT(A) or moving a petition u/s 204 of IT Act before the concerned authorities. However, the assessee did not exercise any option for any remedial action as discussed above. It is therefore, evident that there was no mistake in the assessment order even in the eyes of the assessee. Hence, the income assessed in the aforesaid assessment order dated 23.11.2009 had attained finality. Here, it is worthwhile to note that the assessee being a company incorporated way back in the year 1980 is advised by the prominent professionals, hence, ignorance of law is not an admissible contention. Since, the income has been assessed at nil, it is held that the assessee has no B/F losses for the said year. The assessee’s claim of B/F long term capital loss for AY 2007-08 is therefore, not tenable and hence rejected.
