https://www.taxtmi.com/caselaws?id=12225 A loss cannot be carried forward unless the return is filed within the statutory time limit under the Income-tax Act, and the entitlement need not wait until the year in which set-off is claimed. The Tribunal's view that the issue could arise only in a succeeding year when positive income was available was rejected because the earlier reasoning it relied on had already been reversed in a related matter. As the assessee had not filed the return within the time prescribed under section 139(1) or section 139(3), the condition for carry forward under section 80 was not satisfied. The Tribunal's direction allowing carry forward was set aside. en-us Tue, 24 Sep 2002 00:00:00 +0530 Sat, 20 Feb 2010 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12225 A loss cannot be carried forward unless the return is filed within the statutory time limit under the Income-tax Act, and the entitlement need not wait until the year in which set-off is claimed. The Tribunal's view that the issue could arise only in a succeeding year when positive income was available was rejected because the earlier reasoning it relied on had already been reversed in a related matter. As the assessee had not filed the return within the time prescribed under section 139(1) or section 139(3), the condition for carry forward under section 80 was not satisfied. The Tribunal's direction allowing carry forward was set aside. Case-Laws Income Tax Tue, 24 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12225