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2017 (11) TMI 1555 - HC - Income TaxRectification of mistake - Denying the carry forward of losses and depreciation - returns filed by the assessee were rejected as belated assessee-company which had been declared sick and was facing the supervision under BIFR - application filed under section 154 contending that the period for filing returns was extended by the BIFR by one year till December 31, 2001 - Held that:- The court is of the opinion that both the lower authorities did not give sufficient weightage to the fact that BIFR extended the period for filing the returns till December 31, 2001. This was expressly recognizing the fact that a new management had taken charge in 1996 pursuant to the freshly approved scheme and furthermore that the carry forward of losses and depreciation was an important component and rehabilitation plan contemplated by the parties. Thus Income-tax Appellate Tribunal, in our opinion, correctly inferred that the denial of the benefit to the assessee was not justified. No substantial question of law arises
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