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12. The Assessing Officer had denied the claim for deduction of long term capital loss arising on sale of shares of BSPL citing the following reasons :-

(i) The claim for deduction of loss on sale of shares in the revised return of income is not valid in law, as the necessity for filing the revised return of income is not on account of any omission or wrong statement in the original return of income.

(i) The assessee company had not made the claim for allowance of capital loss in the original return of income filed on 28.11.2016.

(ii) The claim made in the revised return of income is not valid for the reason that the revision of return of income was not warranted on account of bona-fide mistake or omission in the original return of income.

(iii) The transaction was carried out between the assessee‟s company and another wholly owned foreign subsidiary company of the assessee company i.e. Bilcare Packaging Ltd. (Mauritius Entity). There is complete unity of control between the seller and purchaser, therefore, the transaction was not undertaken at arm‟s length.

48. We heard the rival submissions and perused the material on record. The issue in the present grounds of appeal nos.4, 5, 6, 7 and 8 relates to the allowability of long term capital loss, arising on sale of shares of BSPL held by the assessee company to another wholly owned foreign subsidiary company, Bilcare Packaging Ltd. (Mauritius Entity). The primary reason given by the Assessing Officer is that the claim for allowance of loss was not made in the original return of income filed on 28.11.2016 but made in the revised return of income filed on 29.03.2018, which according to the Assessing Officer, is not a valid revised return for the reason that there is no bona-fide omission or mistake in the original return of income. Therefore, we proceed to examine the validity of the revised return of income filed by the assessee company claiming the loss arising on sale of shares of BSPL. The relevant provisions of section 139(5) of the Act, which deals with the filing of revised return of income at the relevant point of time are extracted below :-

52. The above discussion clearly brings out that the assessee company had discovered, omitted to claim a genuine loss arising on sale of shares and, therefore, filed a revised return of income u/s 139(5) within the prescribed time limit claiming the determination and carry forward losses. It is a valid revised return of income filed u/s 139(5) of the Act. Therefore, the findings of the Assessing Officer as well as the ld. CIT(A) to the extent that the revised return of income is not valid one are reversed.