2005 (8) TMI 70

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....u C.J.-This is an income-tax reference on behalf of the Department under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), relating to the assessment year 1984-1985, in which the following questions have been referred to us for our opinion: "1. Whether, on the facts and circumstances of the case, the Tribunal is right in law in holding that the assessee is entit....

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....ssessee filed a return of loss of Rs. 9,64,601 on July 24, 1985. This return was not filed within the time allowed under section 139(1) of Act. The Assessing Officer assessed at "nil" loss without allowing the benefit of carry forward of the same to be set off against the future income on the ground that the return was not filed within time. On appeal, the Commissioner of Income-tax (Appeals....

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....axation Laws (Amendment) Act, 1970 it was provided that carry forward of losses may be permitted to an assessee if he has furnished a return of loss "within the time allowed under sub-section (1) or within such further time which, on an application made in a prescribed manner, the Income-tax Officer, may in his discretion allow". With effect from April 1, 1989, the Direct Tax Laws (Amendment) A....