https://www.taxtmi.com/caselaws?id=12141 The court ruled in favor of the assessee-company, allowing the carry forward of the loss computed for the assessment year 1985-86. The court emphasized that if an application for extension of time is submitted before the Assessing Officer and not rejected, the time is presumed to be extended. As the returns showing the loss were filed before the extended deadline, the court held that the Tribunal erred in disallowing the claim of the assessee. The decision favored the assessee and went against the Revenue, resulting in the reference being disposed of in favor of the assessee. en-us Fri, 05 Jul 2002 00:00:00 +0530 Wed, 17 Feb 2010 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12141 The court ruled in favor of the assessee-company, allowing the carry forward of the loss computed for the assessment year 1985-86. The court emphasized that if an application for extension of time is submitted before the Assessing Officer and not rejected, the time is presumed to be extended. As the returns showing the loss were filed before the extended deadline, the court held that the Tribunal erred in disallowing the claim of the assessee. The decision favored the assessee and went against the Revenue, resulting in the reference being disposed of in favor of the assessee. Case-Laws Income Tax Fri, 05 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12141