2003 (3) TMI 63

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....YASIMHA BABU J.- The question referred to us for consideration, at the instance of the Revenue is, "whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the assessee is entitled to carry forward of business loss?" The assessment year is 1984-85. Section 80 of the Act, as it stood in that assessment year, reads as follows: "Notw....

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....e return that was filed could not be taken note of for the purpose of carry forward, as the return had not been filed within the time prescribed under section 139(1) and the time for filing that return had not been extended by the Income-tax Officer. The Commissioner again rightly pointed out that the substitution of the words "within the time allowed under sub-section (1) of section 139 or within....