2003 (6) TMI 169

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....CIT(A). Since identical issues are involved in both the appeals, these are being disposed of with this common order. 2. The only issue in these appeals is regarding the allowability of set off of carry forward losses to the extent of speculation profit during the relevant year. The learned counsel for the assessee submitted before us that the assessee has filed the return of income for the earl....

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....positive income in the asst. yr. 1993-94 and, therefore, the assessee could not be expected to do impossible under the law by foreseeing the action of the AO in holding a sum of Rs. 7,03,400 as speculation loss as against business loss returned by the assessee in the asst. yr. 1993-94. The learned Departmental Representative has argued that in accordance with the provisions of s. 80 r/w s. 139(3),....

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....iled by the assessee for the asst. yr. 1993-94. In view of the fact that the assessee has not filed a return of loss, the provision of s. 139(3) cannot be applied to the facts of the case. The prerequisite for application of provision of s. 139(3) is a "return of loss". Since in this case, no return declaring loss was filed by the assessee for the asst. yr. 1993-94, the provisions of s. 80 r/w s. ....