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2002 (11) TMI 51 - HC - Income TaxWhether the Income tax Appellate Tribunal was right in law in holding that the assessee is entitled to set off of business loss pertaining to the assessment year 1978-79 in computing the taxable income for the assessment year beyond 1986-87?" - whether the assessee is entitled to carry forward the business loss relating to the assessment year 1978-79 beyond the assessment year 1986-87. - Held that the assessee is not entitled to carry forward the loss determined for the assessment year 1978-79 beyond the period of eight years notwithstanding the fact that due to change in the previous year there was no assessment for one assessment year during the said period of eight assessment years allowed to carry forward the business loss and the change in previous year is of no consequence in determining the period of carried forward business loss provided under section 72(3) of the Act. Accordingly, we answer the question of law referred to us in both the cases in the negative and in favour of the Revenue and against the assessee.
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