1993 (2) TMI 86

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.... Income-tax Act, 1961, for the assessment year 1982-83, the following questions have been referred to this court : " 1. Whether, on the facts and in the circumstances of the case, the loss determined in respect of the assessment for the assessment year 1982-83 should have been directed to be carried forward under section 72(1) read with section 80 of the Income-tax Act, 1961 ? 2. Whether, on th....

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....o September 30, 1983. The Deputy Commissioner (Appeals ) held that the return filed after March 31, 1983, could not be a return under section 139(1) or 139(2) of the Act. He further held that there was violation of the provisions of section 139(3) of the Act. He did not accept the assessee's contention that the return was a voluntary return under section 139(4). He, therefore, rejected the claim f....

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....n determined in pursuance of a return filed under section 139, shall be carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or subsection (1) of section 74 or sub-section (3) of section 74A." The said section was amended by the Taxation Laws (Amendment) Act, 1984. Section 18 of the said Amending Act provides as follows : " In section 80 of the Inc....

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....Nagpur Steel and Alloys (P.) Ltd. [1988] 169 ITR 466 and in Presidency Medical Centre (P.) Ltd. V. CIT [1977] 108 ITR 838 (Cal), held that the assessee is entitled to carry forward the loss even though the loss return was not filed within the time prescribed under section 139(3) of the Act. In this case, the Tribunal proceeded on the footing that no proof was adduced before the Assessing Office....