https://www.taxtmi.com/caselaws?id=58459 The Tribunal allowed the appeal, holding that the assessee could carry forward the loss from the film business for set off against future profits. It found that the original return was filed within the prescribed time limit under section 139(1), despite discrepancies in filing dates. The Tribunal deemed the ITO's direction to not carry forward the loss as unjustified, emphasizing the entitlement of the assessee to utilize the loss for future set off. The decision aligned with the precedent set by the Bombay High Court in Telster Advertising, resulting in the deletion of the ITO's direction regarding the loss carry forward. en-us Sat, 03 Jul 1982 00:00:00 +0530 Mon, 20 Dec 2010 11:28:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58459 The Tribunal allowed the appeal, holding that the assessee could carry forward the loss from the film business for set off against future profits. It found that the original return was filed within the prescribed time limit under section 139(1), despite discrepancies in filing dates. The Tribunal deemed the ITO's direction to not carry forward the loss as unjustified, emphasizing the entitlement of the assessee to utilize the loss for future set off. The decision aligned with the precedent set by the Bombay High Court in Telster Advertising, resulting in the deletion of the ITO's direction regarding the loss carry forward. Case-Laws Income Tax Sat, 03 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58459