https://www.taxtmi.com/caselaws?id=15751 The High Court of Madras ruled against the assessee in a case concerning the assessment of income for the year 1979-80 and the claim for carry forward and set off of losses from the previous year. The court upheld the decision that the belated filing of the return for the previous year rendered the claim for carry forward of losses inadmissible. Emphasizing the necessity of a valid return for determining losses under the Income-tax Act, the court denied the assessee's claim, citing failure to challenge the previous year's return filing order. The judgment favored the Income-tax Department, highlighting the importance of timely compliance with statutory requirements for income tax assessments. en-us Wed, 25 Mar 1998 00:00:00 +0530 Thu, 27 Aug 2009 14:11:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15751 The High Court of Madras ruled against the assessee in a case concerning the assessment of income for the year 1979-80 and the claim for carry forward and set off of losses from the previous year. The court upheld the decision that the belated filing of the return for the previous year rendered the claim for carry forward of losses inadmissible. Emphasizing the necessity of a valid return for determining losses under the Income-tax Act, the court denied the assessee's claim, citing failure to challenge the previous year's return filing order. The judgment favored the Income-tax Department, highlighting the importance of timely compliance with statutory requirements for income tax assessments. Case-Laws Income Tax Wed, 25 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15751