https://www.taxtmi.com/caselaws?id=204958 The Punjab and Haryana High Court ruled that an assessee cannot carry forward a long-term capital loss for set off in subsequent years if the return filing deadline under section 139(1) of the Income-tax Act, 1961 is not met. The court held that the mere filing of returns for later years showing the carry forward of the loss does not automatically grant entitlement without a specific order from the Assessing Officer. Since the assessee failed to file a valid return within the prescribed time for the relevant assessment year, they were not allowed to carry forward the loss for set off in subsequent years. The appeal was dismissed, affirming the decision to disallow the set off of the loss claimed for the assessment year 1999-2000. en-us Wed, 25 Aug 2010 00:00:00 +0530 Sat, 22 Dec 2012 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204958 The Punjab and Haryana High Court ruled that an assessee cannot carry forward a long-term capital loss for set off in subsequent years if the return filing deadline under section 139(1) of the Income-tax Act, 1961 is not met. The court held that the mere filing of returns for later years showing the carry forward of the loss does not automatically grant entitlement without a specific order from the Assessing Officer. Since the assessee failed to file a valid return within the prescribed time for the relevant assessment year, they were not allowed to carry forward the loss for set off in subsequent years. The appeal was dismissed, affirming the decision to disallow the set off of the loss claimed for the assessment year 1999-2000. Case-Laws Income Tax Wed, 25 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204958