https://www.taxtmi.com/caselaws?id=59111 The Tribunal held that an assessee-company was not entitled to carry forward losses declared for the first time in response to notices under sections 148 and 147(a) of the Income-tax Act, 1961. The Tribunal found that since the assessee did not file returns within the statutory time limits and claimed losses only after receiving notices, it could not avail the benefit of carrying forward losses. The Tribunal distinguished prior cases and upheld the decision that reassessment proceedings under section 147(a) do not allow for determining and carrying forward losses. Consequently, the Tribunal dismissed the assessee's appeals for both assessment years. en-us Mon, 14 May 1984 00:00:00 +0530 Sat, 25 Dec 2010 11:06:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59111 The Tribunal held that an assessee-company was not entitled to carry forward losses declared for the first time in response to notices under sections 148 and 147(a) of the Income-tax Act, 1961. The Tribunal found that since the assessee did not file returns within the statutory time limits and claimed losses only after receiving notices, it could not avail the benefit of carrying forward losses. The Tribunal distinguished prior cases and upheld the decision that reassessment proceedings under section 147(a) do not allow for determining and carrying forward losses. Consequently, the Tribunal dismissed the assessee's appeals for both assessment years. Case-Laws Income Tax Mon, 14 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59111