1992 (1) TMI 185

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....rch, 1983. 2. As the assessee did not file a return under s. 139(1), notice under s. 148 was issued and served on him on 8th May, 1984. He filed the return declaring a loss of Rs. 3,13,820 on 2nd Jan., 1985. The assessment was completed under s. 143(3) on 13th May, 1985, wherein the net loss was determined at Rs. 3,11,166 as under: "Income in Fathima Saw Mills Rs. 1,28,807 Loss in Priya Theatr....

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.... he held that the assessee is entitled to have the business loss computed carried forward. The Revenue is aggrieved over this. 4. The Revenue contends that the CIT(A) erred in holding that the assessee will be entitled to the benefits of carry forward misconstruing that the return furnished in response to notice under s. 148 could be taken as filed under s. 139(2). He also failed to note that s. ....

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.... issued and served on him on 8th May, 1984. In response to the said notice under s. 148, the assessee filed a return declaring a loss of Rs. 5,13,870 on 8th Jan., 1985. The filing of the said return was well within two years relevant to asst. yr. 1983-84 and falls under s. 139(4). Under s. 139(4) the assessee has got time to file the return upto 31st March, 1986. The Calcutta High Court in the cas....