https://www.taxtmi.com/caselaws?id=13919 The court held that the assessee was not entitled to carry forward the share of loss determined in the hands of the firm due to filing the return beyond the time limit specified under section 139(4) of the Income-tax Act, 1961. The court emphasized the necessity for partners to file returns within the prescribed time to benefit from carry forward provisions and rejected the argument that once the firm determines the share of loss, no further assessment in the hands of the partner is required. The outcome favored the Revenue against the assessee. en-us Thu, 18 Oct 2001 00:00:00 +0530 Mon, 06 Jul 2009 11:00:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13919 The court held that the assessee was not entitled to carry forward the share of loss determined in the hands of the firm due to filing the return beyond the time limit specified under section 139(4) of the Income-tax Act, 1961. The court emphasized the necessity for partners to file returns within the prescribed time to benefit from carry forward provisions and rejected the argument that once the firm determines the share of loss, no further assessment in the hands of the partner is required. The outcome favored the Revenue against the assessee. Case-Laws Income Tax Thu, 18 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13919