https://www.taxtmi.com/caselaws?id=59925 The Appellate Tribunal ITAT CALCUTTA-A upheld the Commissioner (Appeals)'s direction to carry forward the business loss computed for the assessment year 1979-80. The Tribunal deemed the return filed by the assessee within the extended time frame as valid under section 139(1) or 139(4) of the Income-tax Act, 1961. It emphasized that once a return is filed within the time specified in section 139(4), it must be considered valid, and the loss should be determined and carried forward as per relevant provisions. The Tribunal dismissed the departmental appeal, affirming the decision to carry forward the business loss. en-us Tue, 03 Jul 1984 00:00:00 +0530 Sat, 01 Jan 2011 18:18:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59925 The Appellate Tribunal ITAT CALCUTTA-A upheld the Commissioner (Appeals)'s direction to carry forward the business loss computed for the assessment year 1979-80. The Tribunal deemed the return filed by the assessee within the extended time frame as valid under section 139(1) or 139(4) of the Income-tax Act, 1961. It emphasized that once a return is filed within the time specified in section 139(4), it must be considered valid, and the loss should be determined and carried forward as per relevant provisions. The Tribunal dismissed the departmental appeal, affirming the decision to carry forward the business loss. Case-Laws Income Tax Tue, 03 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59925