1989 (1) TMI 37

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....f the court was delivered by S. S. SODHI J.-The matter here pertains to the assessee's claim for set off during the assessment year 1976-77 of Rs. 18,435 on account of unabsorbed loss suffered by it during the assessment year 1971-72. This claim was rejected both by the Appellate Assistant Commissioner as also by the Tribunal on the ground that the assessee had not claimed this unabsorbed loss ....

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.... year or years, they cannot be set off against profits at a later date. The assessee thus not having sought to set off the unabsorbed loss in the succeeding assessment years after 1971-72 could not seek to claim it later, subsequently in the year 1976-77. Question No. (1) has thus to be answered in the affirmative, in favour of the Revenue and against the assessee. As regards the time limit, th....