https://www.taxtmi.com/caselaws?id=56308 Late filing of a return did not, on the stated facts, bar carry forward of business loss because the CBDT clarification and the instruction relied on by the Assessing Officer were operative only from a later assessment year and could not be applied retrospectively. The assessee was therefore entitled to the loss carry forward. Cash subsidy received from the Government was also not treated as a direct reduction of the actual cost of fixed assets; it was not deductible from asset cost for depreciation or investment allowance. The departmental appeal failed in full and the order in favour of the assessee was left undisturbed. en-us Fri, 02 May 1986 00:00:00 +0530 Thu, 02 Dec 2010 18:57:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56308 Late filing of a return did not, on the stated facts, bar carry forward of business loss because the CBDT clarification and the instruction relied on by the Assessing Officer were operative only from a later assessment year and could not be applied retrospectively. The assessee was therefore entitled to the loss carry forward. Cash subsidy received from the Government was also not treated as a direct reduction of the actual cost of fixed assets; it was not deductible from asset cost for depreciation or investment allowance. The departmental appeal failed in full and the order in favour of the assessee was left undisturbed. Case-Laws Income Tax Fri, 02 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56308