https://www.taxtmi.com/caselaws?id=401506 The Karnataka High Court ruled in favor of the assessee in a case involving the interpretation of Section 10B(8) of the Income Tax Act and the claim of carry forward of losses under Section 72 for the Assessment Year 2001-02. The court held that the assessee could claim the benefit of carrying forward losses under Section 72 despite filing the declaration required under Section 10B(8) after the due date of the original return of income. The appeal was dismissed, and the substantial question of law was answered against the revenue. en-us Mon, 30 Nov 2020 00:00:00 +0530 Tue, 08 Dec 2020 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401506 The Karnataka High Court ruled in favor of the assessee in a case involving the interpretation of Section 10B(8) of the Income Tax Act and the claim of carry forward of losses under Section 72 for the Assessment Year 2001-02. The court held that the assessee could claim the benefit of carrying forward losses under Section 72 despite filing the declaration required under Section 10B(8) after the due date of the original return of income. The appeal was dismissed, and the substantial question of law was answered against the revenue. Case-Laws Income Tax Mon, 30 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401506