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<h1>High Court allows carry forward of loss despite delayed return filing</h1> The High Court of Gauhati ruled in favor of the assessee, allowing the carry forward of loss despite the delayed filing of the return under section 139(1) ... Assessment Year, Income Tax Act, Return Disclosing Loss The High Court of Gauhati ruled in favor of the assessee, allowing the carry forward of loss even though the return was filed after the prescribed time under section 139(1) of the Income-tax Act. The court held that the return filed within two years from the end of the assessment year should be deemed as filed within the prescribed time, citing the decision in CIT v. Kulu Valley Transport Co. P. Ltd. [1970] 77 ITR 518. The judgment was transmitted to the Income-tax Appellate Tribunal with no costs awarded.
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