TMI Blog2005 (8) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... s rendered under the old Act) - 2. Whether the Tribunal is justified in law in allowing carry forward of loss when as per the amended provision of section 139(3) by the Taxation Laws (Amendment) Act, 1970, the loss return filed beyond the time prescribed by section 139(3) cannot be considered as having been filed within the time allowed under section 139(4)?" - In CIT v. Kulu Valley Transport Co. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .-This is an income-tax reference on behalf of the Department under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), relating to the assessment year 1984-1985, in which the following questions have been referred to us for our opinion: "1. Whether, on the facts and circumstances of the case, the Tribunal is right in law in holding that the assessee is entitled to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled a return of loss of Rs. 9,64,601 on July 24, 1985. This return was not filed within the time allowed under section 139(1) of Act. The Assessing Officer assessed at "nil" loss without allowing the benefit of carry forward of the same to be set off against the future income on the ground that the return was not filed within time. On appeal, the Commissioner of Income-tax (Appeals) held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Amendment) Act, 1970 it was provided that carry forward of losses may be permitted to an assessee if he has furnished a return of loss "within the time allowed under sub-section (1) or within such further time which, on an application made in a prescribed manner, the Income-tax Officer, may in his discretion allow". With effect from April 1, 1989, the Direct Tax Laws (Amendment) Act, 1987 came ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y sub-section (1), but within the time allowed under sub-section (4). This view has been followed by the Gauhati High Court in CIT v. Naginimara Veneer and Saw Mills P. Ltd. [1995] 216 ITR 237; the Calcutta High Court in Basant Kumar Bajoria v. CIT [1993] 202 ITR 957 and the Orissa High Court in CIT v. Orissa Metal Industries P. Ltd. [1992] 196 ITR 803 etc. In view of the above, the reference is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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