1996 (8) TMI 14

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....K. MATHUR C. J.---This is a reference under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), at the instance of the Revenue and the following two questions have been referred for answer by this court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the order passed by the Commissioner of Income-tax under section 2....

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....ater years. The Commissioner, after examining the records, invoked his jurisdiction under section 263 of the Act and after providing an opportunity to the assessee of being heard, set aside the assessment for the reason that the assessee was not entitled to carry forward the losses, as the return was filed beyond the time limit prescribed under section 139(1) and no notice under section 139(2) was....

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....to the old section 24(2) of the Indian Income-tax Act, 1922, read with section 22, has held that though the return was not filed within the time specified and notice was not given and time had not been extended by the Assessing Officer, losses had to be determined and carried forward. Therefore, this judgment was good law till the section was amended by the Amending Act of 1987 with effect from Ap....