Carry forward of losses restricted: only losses determined from returns filed within the prescribed time or extended period.

Entitlement to carry forward and set off losses is limited to losses determined pursuant to a return filed within the prescribed time or within any extension granted by the Income tax Officer; the Board's earlier instruction denying carry forward for belated loss returns is confined to assessment year 1984-85, and the amended statutory rule effective 9 April 1985 governs subsequent years.

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