https://www.taxtmi.com/caselaws?id=413368 The court upheld the decision to disallow the claimed loss for the assessment year 2004-05 due to a belated filing of returns by a cooperative bank. It emphasized the mandatory nature of filing returns for losses within the prescribed time and granted the appellant the opportunity to seek condonation of delay for carrying forward losses to subsequent assessment years. The court disposed of the appeal in favor of the assessee, allowing them to apply for condonation of delay within two weeks for carrying forward losses incurred during the assessment year 2004-05. en-us Wed, 01 Sep 2021 00:00:00 +0530 Fri, 24 Dec 2021 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413368 The court upheld the decision to disallow the claimed loss for the assessment year 2004-05 due to a belated filing of returns by a cooperative bank. It emphasized the mandatory nature of filing returns for losses within the prescribed time and granted the appellant the opportunity to seek condonation of delay for carrying forward losses to subsequent assessment years. The court disposed of the appeal in favor of the assessee, allowing them to apply for condonation of delay within two weeks for carrying forward losses incurred during the assessment year 2004-05. Case-Laws Income Tax Wed, 01 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413368