https://www.taxtmi.com/caselaws?id=301934 A business loss could not be carried forward or set off because the merged company's return for assessment year 2003-04 was filed beyond the time prescribed under section 139(1) of the Income-tax Act, 1961. Losses not determined in lawful proceedings and not supported by a timely return were treated as ineligible for carry forward, and the sanctioned scheme or general overriding-effect argument did not displace this statutory bar on the facts stated. The disputed loss claim was therefore rejected and the disallowance upheld. en-us Mon, 19 Sep 2011 00:00:00 +0530 Wed, 27 Apr 2022 17:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301934 A business loss could not be carried forward or set off because the merged company's return for assessment year 2003-04 was filed beyond the time prescribed under section 139(1) of the Income-tax Act, 1961. Losses not determined in lawful proceedings and not supported by a timely return were treated as ineligible for carry forward, and the sanctioned scheme or general overriding-effect argument did not displace this statutory bar on the facts stated. The disputed loss claim was therefore rejected and the disallowance upheld. Case-Laws Income Tax Mon, 19 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301934