https://www.taxtmi.com/caselaws?id=276266 A voluntary return showing loss was not a valid return under section 22(1) of the Income-tax Act, 1922, because that provision contemplated a return of taxable income and did not permit a voluntary loss return outside its scheme. Section 22(3) only extended the time for a return already required under section 22(1) or 22(2), and did not create a separate right to file a loss return. By contrast, the right to carry forward and set off business loss under section 24(2) was a substantive statutory right, so the Income-tax Officer had to examine and determine earlier years' losses on a proper claim even if formal assessments for those years could not be made; however, no formal assessment for those years was required. en-us Wed, 04 Sep 1957 00:00:00 +0530 Sat, 03 Nov 2018 16:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276266 A voluntary return showing loss was not a valid return under section 22(1) of the Income-tax Act, 1922, because that provision contemplated a return of taxable income and did not permit a voluntary loss return outside its scheme. Section 22(3) only extended the time for a return already required under section 22(1) or 22(2), and did not create a separate right to file a loss return. By contrast, the right to carry forward and set off business loss under section 24(2) was a substantive statutory right, so the Income-tax Officer had to examine and determine earlier years' losses on a proper claim even if formal assessments for those years could not be made; however, no formal assessment for those years was required. Case-Laws Income Tax Wed, 04 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276266