1996 (7) TMI 39

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....th a similar situation in O. P. No. 18061 of 1995 (CIT v. Pigments India Ltd. [1997] 228 ITR 797). The questions of law sought for our decision are as follows : "1. Whether, on the facts and in the circumstances of the case and also in the light of the relevant provisions, the assessee is entitled to carry forward any loss? 2. Whether, on the facts and in the circumstances of the case and....

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..... This was within the extended time. The Assessing Officer completed the assessment under section 143(1) of the Income-tax Act, 1961, accepting the returned loss. The assessee had claimed a loss of Rs. 34,54,499 to be carried forward. This was not permitted by the Assessing Officer, holding that the assessee was not entitled to carry forward of the loss as the return of income was not filed within....