1988 (11) TMI 358 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee, allowing carry forward and set off of business loss incurred in the assessment year 1984-85 despite the return being filed beyond the prescribed period under section 139(3) of the Income-tax Act, 1961. The court held that the decision in Presidency Medical Centre (P.) Ltd.'s case would apply to the assessment year 1984-85, even though changes were made in 1986 for subsequent years. The judgment was in favor of the assessee.