2003 (6) TMI 169 - AT - Income Tax

Summary

The appeals by the Revenue for the asst. yrs. 1994-95 and 1995-96 were directed against the order of the CIT(A) regarding the allowability of set off of carry forward losses to the extent of speculation profit. The Tribunal held that the provision of s. 139(3) cannot be applied as no return declaring loss was filed by the assessee for the relevant year. The Tribunal dismissed the appeals of the Revenue.