https://www.taxtmi.com/caselaws?id=21898 The High Court of GAUHATI ruled in favor of the individual assessee, allowing the carry forward of losses for the assessment year 1976-77. The Court held that the Supreme Court decision in Kulu Valley case was applicable to the 1961 Act, emphasizing the consistency in provisions related to filing returns and carrying forward losses between the 1922 Act and the 1961 Act. By interpreting sections 22 and 139, the Court concluded that the assessee was entitled to carry forward the loss despite a delay in filing the return, ultimately deciding in favor of the assessee without awarding costs. en-us Mon, 25 Nov 1991 00:00:00 +0530 Fri, 04 Dec 2009 10:32:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21898 The High Court of GAUHATI ruled in favor of the individual assessee, allowing the carry forward of losses for the assessment year 1976-77. The Court held that the Supreme Court decision in Kulu Valley case was applicable to the 1961 Act, emphasizing the consistency in provisions related to filing returns and carrying forward losses between the 1922 Act and the 1961 Act. By interpreting sections 22 and 139, the Court concluded that the assessee was entitled to carry forward the loss despite a delay in filing the return, ultimately deciding in favor of the assessee without awarding costs. Case-Laws Income Tax Mon, 25 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21898