1991 (2) TMI 78

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....s of the case and on an interpretation of the relevant provisions of the statute, the Tribunal is right in holding that 'the return must be taken to have been filed under section 139(4)' ?" The respondent is an assessee under the Income-tax Act. We are concerned with the assessment year 1976-77 for which the accounting period ended on March 31, 1976. The assessee is a bus operator. In the assessment proceedings, the assessee pleaded for carrying forward a loss of Rs. 18,500. This was declined by the Income-tax Officer. In appeal, this was confirmed by the Appellate Assistant Commissioner. The Appellate Assistant Commissioner distinguished the decision of the Supreme Court in CIT v. Kulu Valley Transport Co. P. Ltd. [1970] 77 ITR 518 by h....

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.... 1976. The assessee filed the return only on March 22, 1978. The short question that arises for consideration is whether, in the return filed by the assessee, which could only be a return filed under section 139(4) of the Act, it is open to the assessee to insist that the loss incurred in the previous years must be determined and allowed to be carried forward. We find that, construing the provisions of section 139(4) of the Income-tax Act, 1961, read along with section 80 of the Act, as it stood at the relevant time, the Allahabad, Andhra Pradesh, Bombay, Calcutta, Delhi and Madhya Pradesh High Courts have taken the view that the return filed or deemed to have been filed under section 139(4) of the Act, before the assessment is made, should....