1989 (1) TMI 37

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....ODHI J.-The matter here pertains to the assessee's claim for set off during the assessment year 1976-77 of Rs. 18,435 on account of unabsorbed loss suffered by it during the assessment year 1971-72. This claim was rejected both by the Appellate Assistant Commissioner as also by the Tribunal on the ground that the assessee had not claimed this unabsorbed loss for several years and the time limit fo....

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....t profits at a later date. The assessee thus not having sought to set off the unabsorbed loss in the succeeding assessment years after 1971-72 could not seek to claim it later, subsequently in the year 1976-77. Question No. (1) has thus to be answered in the affirmative, in favour of the Revenue and against the assessee. As regards the time limit, the Tribunal clearly fell into an error in agreei....