1990 (9) TMI 28

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.... of return filed in accordance with section 139(3) of the Act can be carried forward. However, section 80 of the Act provides that such loss cannot be carried forward in the circumstances, indicated therein. It reads as follows : "80. Submission of return for losses.-Notwithstanding anything contained in this Chapter, no loss which has not been 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 sub-section (1) of section 74 or sub-section (3) of section 74A." The dispute in this case by the Department is that the returns under section 139(1) of the Act having been filed late, there is no scope for the assessee to get ....

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....ed is not in accordance with section 139(3) of the Act. The Tribunal relied upon the decision of the Calcutta High Court in Presidency Medical Centre (P.) Ltd. v. CIT [1977] 108 ITR 838 and affirmed the appellate order. On that account, this reference has been made to this court. Before the Direct Tax Laws (Amendment) Act, 1987, with effect from April 1, 1989, section 139(4)(a) which was substituted by the Finance Act, 1968, with effect from April 1, 1968, and amended by the Taxation Laws (Amendment) Act, 1970, with effect from April 1, 1971, stood as under : "4 (a) Any person who has not furnished a return within the time allowed to him under sub-section (1) or sub-section (2) may, before the assessment is made, furnish the return fo....