2006 (6) TMI 61

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....venue, the Income-tax Appellate Tribunal hasstated a case and referred the following question of law, which is  common  inboth tax cases: "Whether,  on  the  facts  and  in  the circumstances of the case, the Appellate Tribunal was right in law in upholding the order of the Commissioner of Income-tax (Appeals) directing that the assessee's share of loss&n....

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....ly 29, 1988, beyond the time limit prescribed under section 139(1) of the Income-tax Act.  Therefore, treating the return filed by the firm as non-est, the assessing officer held that there was no assessment made on the firm, nor the share of loss to be allocated to the partners was determined. 4.  Accordingly, in the assessment of the assessee in each case, as a partner of the firm, ....

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....the share income of the individual partner might ultimately be determined by the assessing officer on completion of  the  assessment  of  the firm,  the  assessability  of  the  share  income  would  not  depend  on such allocation.  The Appellate Tribunal felt that it was  open  to  the  assessing offic....

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....bsp; a  regular  assessment  under  section  143(3)  of the Income-tax Act and the loss, as submitted by the firm in the return, was  also accepted. Since  the  loss  of  the firm had been accepted and the assessing officer was directed to set off the share of loss  of  the  assessee  in  each case,  we fail to un....