Loss return filed late cannot secure carry-forward benefit where the statute imposes a specific filing deadline.

A voluntary business-loss return filed after the time specified in the general notice could not be used to claim determination and carry forward of loss under section 24(2). Section 22(2A) created a limited exception allowing carry forward only where the assessee, not having received a notice under section 22(2), filed the loss return within the time fixed under section 22(1) or within extended time allowed by the Income-tax Officer. Although section 22(3) permitted a return before assessment, that general liberty could not override the specific time limit in section 22(2A). The return was filed out of time without extension, so the loss was not entitled to be determined and carried forward.

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Issues: Whether a voluntary return of business loss filed after the time specified in the general notice under section 22(1), but before assessment, could be treated as sufficient to require determination of the loss and its carry forward under section 24(2).

Analysis: Section 22(2A) was inserted to allow carry forward of loss only when the assessee, not having been served with a notice under section 22(2), furnished the loss return within the time specified in the general notice under section 22(1), or within such further time as the Income-tax Officer allowed. Section 22(3) permitted a return to be filed before assessment, but that general liberty could not be used to override the specific limitation imposed by section 22(2A). The object of the amendment was to permit carry forward of loss in the limited situation created by that sub-section, and a construction allowing an out-of-time loss return to claim the same benefit would render the provision ineffective. The return in question was voluntary and was filed after the statutory time without extension.

Conclusion: The assessee was not entitled to have the loss determined and carried forward under section 24(2); the question was answered against the assessee.

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