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2015 (6) TMI 7 - HC - Income TaxEntitled to carry forward and set off the business loss - Held that:- Section 80 finds place in Chapter VI. The assessee obviously is seeking to get benefit of the provisions contained in Chapter-VI. The provisions of Chapter VI are regulated by section 80 which emphatically lays down that the benefit of carry forward of losses cannot be allowed unless the return has been filed within the time provided in sub-section (1) of Section 139 or within such further time as may be allowed by the ITO. Admittedly, the assessee did not file return within the time prescribed by sub-section (1) or within the time extended by the ITO. There is, as such, nothing that the Court can do to assist the assessee. Assessee Company was not entitled to carry forward and set off the business loss Tribunal was justified in law in holding that the provisions contained in Section 80 of the Income Tax Act, 1961 are substantive in nature - Decided against assesse.
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