https://www.taxtmi.com/caselaws?id=20258 The High Court ruled in favor of the Revenue, concluding that the business loss claimed in the return filed in response to notice u/s 148 could not be carried forward. The court emphasized that the purpose of section 148 is distinct from section 139(2) and that only losses determined in a return filed under section 139 are eligible for carry forward and set off. The court highlighted that section 147 and section 148 are designed for income assessment and not for initial loss determination. The decision aligned with older precedents and amendments to section 80, prohibiting loss carry forward unless filed under section 139(1) or 139(2). en-us Wed, 31 Mar 1993 00:00:00 +0530 Thu, 12 Nov 2009 17:48:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20258 The High Court ruled in favor of the Revenue, concluding that the business loss claimed in the return filed in response to notice u/s 148 could not be carried forward. The court emphasized that the purpose of section 148 is distinct from section 139(2) and that only losses determined in a return filed under section 139 are eligible for carry forward and set off. The court highlighted that section 147 and section 148 are designed for income assessment and not for initial loss determination. The decision aligned with older precedents and amendments to section 80, prohibiting loss carry forward unless filed under section 139(1) or 139(2). Case-Laws Income Tax Wed, 31 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20258