https://www.taxtmi.com/caselaws?id=11636 The court emphasized the importance of timely filing under section 80 of the Income-tax Act for carrying forward losses. It held that the failure of the Assessing Officer to pass an order on an extension application should be presumed in favor of the assessee, allowing for filing within the extended period. The judgment highlighted the discretionary power of the Assessing Officer in granting extensions and established that silence on extension applications could be construed as approval. Ultimately, the court ruled in favor of the assessee, affirming their entitlement to carry forward losses claimed in the return filed within the extended period. en-us Tue, 14 Jan 2003 00:00:00 +0530 Thu, 04 Feb 2010 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11636 The court emphasized the importance of timely filing under section 80 of the Income-tax Act for carrying forward losses. It held that the failure of the Assessing Officer to pass an order on an extension application should be presumed in favor of the assessee, allowing for filing within the extended period. The judgment highlighted the discretionary power of the Assessing Officer in granting extensions and established that silence on extension applications could be construed as approval. Ultimately, the court ruled in favor of the assessee, affirming their entitlement to carry forward losses claimed in the return filed within the extended period. Case-Laws Income Tax Tue, 14 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11636