https://www.taxtmi.com/caselaws?id=260082 Carry forward and set off of business losses under the Income-tax Act, 1961 is available only where the return is filed within the time prescribed by section 139(1), or within duly extended time. Section 80 is substantive and operates as a statutory bar to claiming the benefit when that condition is not met. The later disclosure of loss does not cure a delayed return, and the scheme under the 1961 Act differs from the earlier 1922 Act position. On that basis, the claim for carry forward of losses fails for non-compliance with the prescribed time limit. en-us Wed, 18 Feb 2015 00:00:00 +0530 Fri, 18 Dec 2015 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260082 Carry forward and set off of business losses under the Income-tax Act, 1961 is available only where the return is filed within the time prescribed by section 139(1), or within duly extended time. Section 80 is substantive and operates as a statutory bar to claiming the benefit when that condition is not met. The later disclosure of loss does not cure a delayed return, and the scheme under the 1961 Act differs from the earlier 1922 Act position. On that basis, the claim for carry forward of losses fails for non-compliance with the prescribed time limit. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260082