https://www.taxtmi.com/caselaws?id=22726 The High Court ruled in favor of the assessee, affirming their entitlement to carry forward the loss under the Income-tax Act, 1961. Despite the Revenue's arguments based on previous judgments, the Court emphasized the applicability of the carry forward provisions post the Taxation Laws (Amendment) Act, 1970. The Court highlighted that the return was filed within the extended period, aligning with the Supreme Court's stance on such matters. Ultimately, the Court upheld the assessee's right to carry forward the loss for the specified assessment year under section 72 of the Act. en-us Mon, 20 Nov 1989 00:00:00 +0530 Sat, 12 Dec 2009 15:30:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22726 The High Court ruled in favor of the assessee, affirming their entitlement to carry forward the loss under the Income-tax Act, 1961. Despite the Revenue's arguments based on previous judgments, the Court emphasized the applicability of the carry forward provisions post the Taxation Laws (Amendment) Act, 1970. The Court highlighted that the return was filed within the extended period, aligning with the Supreme Court's stance on such matters. Ultimately, the Court upheld the assessee's right to carry forward the loss for the specified assessment year under section 72 of the Act. Case-Laws Income Tax Mon, 20 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22726