https://www.taxtmi.com/caselaws?id=16056 Section 139(1) time limits do not govern the carry forward of unabsorbed depreciation and investment allowance. The statutory restriction in section 139(3), read with section 80, applies to business loss and capital loss returns filed within the prescribed time, but those provisions do not extend to depreciation or investment allowance. Where the return has been accepted and tax assessed on the returned income, the assessee cannot be denied the corresponding statutory credit merely because the return was belated for loss-return purposes. An assessment order may therefore be amended to grant the benefit. en-us Mon, 30 Nov 1998 00:00:00 +0530 Mon, 31 Aug 2009 17:04:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16056 Section 139(1) time limits do not govern the carry forward of unabsorbed depreciation and investment allowance. The statutory restriction in section 139(3), read with section 80, applies to business loss and capital loss returns filed within the prescribed time, but those provisions do not extend to depreciation or investment allowance. Where the return has been accepted and tax assessed on the returned income, the assessee cannot be denied the corresponding statutory credit merely because the return was belated for loss-return purposes. An assessment order may therefore be amended to grant the benefit. Case-Laws Income Tax Mon, 30 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16056