1987 (6) TMI 6

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..... For the year 1976-77, he filed a return showing a loss of Rs. 18,550. Though the fact of loss was accepted with slight variations, the Income-tax Officer refused to carry forward the loss on the ground that the return was not filed under section 139(1) of the Incometax Act. This was upheld in appeal. In second appeal, the Appellate Tribunal held that the return had to be considered as one filed ....

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....follows : "1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to carry forward the loss determined by the Income-tax Officer ? 2. Whether, on the facts and in the circumstances 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)'....