https://www.taxtmi.com/caselaws?id=214352 The Tribunal affirmed the denial of carrying forward business loss for the year 2005-06 due to the belated filing of the income tax return by the assessee. The Tribunal held that Sections 139(3) and 80 of the Income-tax Act barred the assessee from carrying forward business loss if the return was not filed within the statutory period. However, the Tribunal allowed the carry forward of unabsorbed depreciation, as there was no similar provision prohibiting it. The appeal was dismissed, upholding the decision to deny the business loss carry forward but permitting the carry forward of unabsorbed depreciation. en-us Mon, 12 Dec 2011 00:00:00 +0530 Thu, 28 Jun 2012 09:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214352 The Tribunal affirmed the denial of carrying forward business loss for the year 2005-06 due to the belated filing of the income tax return by the assessee. The Tribunal held that Sections 139(3) and 80 of the Income-tax Act barred the assessee from carrying forward business loss if the return was not filed within the statutory period. However, the Tribunal allowed the carry forward of unabsorbed depreciation, as there was no similar provision prohibiting it. The appeal was dismissed, upholding the decision to deny the business loss carry forward but permitting the carry forward of unabsorbed depreciation. Case-Laws Income Tax Mon, 12 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214352