https://www.taxtmi.com/caselaws?id=65850 Business loss determined by the assessing authority could not be denied carry forward merely because the return was not filed within the time prescribed under section 139(3) of the Income-tax Act, 1961. The analysis contrasted section 139(3) with section 80, which governs allowance of carry forward of loss, and noted that the corresponding provisions in the 1922 Act and the 1961 Act were materially similar. On that basis, the earlier Supreme Court ruling remained applicable. The denial of carry forward was unsustainable, and the assessee was entitled to carry forward the business loss in accordance with law. en-us Thu, 23 Feb 1984 00:00:00 +0530 Fri, 18 Feb 2011 19:08:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65850 Business loss determined by the assessing authority could not be denied carry forward merely because the return was not filed within the time prescribed under section 139(3) of the Income-tax Act, 1961. The analysis contrasted section 139(3) with section 80, which governs allowance of carry forward of loss, and noted that the corresponding provisions in the 1922 Act and the 1961 Act were materially similar. On that basis, the earlier Supreme Court ruling remained applicable. The denial of carry forward was unsustainable, and the assessee was entitled to carry forward the business loss in accordance with law. Case-Laws Income Tax Thu, 23 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65850