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2002 (12) TMI 59 - MADRAS HIGH COURTBenefit of carry forward of loss - "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the Assessing Officer has to entertain the return which was filed belatedly and to allow carry forward of loss for the assessment year 1986-87?" - We, hold that the return filed by the assessee is within the time prescribed under section 139(3) of the Act and once we hold that the return, though it is a loss return, was filed within the time prescribed, the assessee is entitled to the benefit of carry forward of loss. We, therefore, hold that the view of the Appellate Tribunal that the assessee was entitled to carry forward of loss for the assessment year 1986-87 does not suffer from any infirmity and the view of the Appellate Tribunal is justified in law. Accordingly, we answer the question of law referred to us in the affirmative, in favour of the assessee and against the Revenue.
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