1977 (10) TMI 24

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....y CHENNAKESAV REDDY J.--The Income-tax Appellate Tribunal, Bangalore Bench, has referred the following question for our opinion : " Whether the Tribunal was correct in holding that the loss return filed for the assessment year 1961-62 was a valid return ? The relevant facts lie in a narrow Compass. The assessee is an individual. For the assessment year 1961-62, the assessee filed a return....

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.... was bad in law. The Appellate Assistant Commissioner, holding that the loss return can be filed under section 22(2A) of the 1922 Act or section 139(3) of the 1961 Act, ruled that the return was not a valid return and the assessment made on an invalid return was also ab initio void. Consequently, he cancelled the order of assessment. The department aggrieved against the order of the Appellate Assi....

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....scribed for completion of the assessment in section 153(1) of the Act. It is his submission that the accounting period ended on 30th of June, 1960, that the year of assessment related to 1960-61, and that, therefore, the return submitted on February 17, 1966, was beyond the period of four years prescribed in section 139(4)(b). We do not think that the submission of the learned counsel is well foun....

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....der sub-section (2), has sustained a loss in any previous year under the head ' Profits and gains of business or profession ' or under the head ' Capital gains ' and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74, he may furnish, within the time allowed under sub-section (1) or....