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2003 (1) TMI 32 - KERALA HIGH COURTCarry forward of the loss - "Whether, in the light of section 80 of the Income-tax Act, the assessee is entitled to carry forward the loss computed on the basis of the return of income filed within the time for which extension was sought from the AO ?" – Section 80 of the Act introduced with effect from April 1, 1985, provides that "the return of loss must be submitted within the period prescribed under section 139(1) of the Act. Under section 80, no loss can be allowed to be carried forward and set off under section 72(1) or section 73(2) or section 74(1) or section 74A(3), unless such loss has been determined in pursuance of a return filed by the assessee under section 139. By virtue of the provisions of section 80, no loss would be allowed to be carried forward or set off, unless the return under section 139(1) has been filed within the time allowed under sub-section (1) of section 139 for filing the return or within such further time as may be allowed by the ITO – We answer the question referred in the affirmative, that is, in favour of the assessee and against the Revenue.
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