https://www.taxtmi.com/caselaws?id=28594 The High Court of Madhya Pradesh ruled in favor of the assessee, allowing the carry forward and set off of losses for the assessment years 1972-73 and 1973-74. The Court held that the returns filed within the specified time under section 139 enabled the assessee to carry forward the losses, contrary to the Tribunal's decision. The Tribunal's denial was deemed legally incorrect, and the Court answered the first question against the Revenue, making it unnecessary to address the other issues. Each party was directed to bear their own costs related to the reference. en-us Thu, 07 Apr 1983 00:00:00 +0530 Wed, 24 Feb 2010 10:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28594 The High Court of Madhya Pradesh ruled in favor of the assessee, allowing the carry forward and set off of losses for the assessment years 1972-73 and 1973-74. The Court held that the returns filed within the specified time under section 139 enabled the assessee to carry forward the losses, contrary to the Tribunal's decision. The Tribunal's denial was deemed legally incorrect, and the Court answered the first question against the Revenue, making it unnecessary to address the other issues. Each party was directed to bear their own costs related to the reference. Case-Laws Income Tax Thu, 07 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28594