9911796707
TMI Blog1979 (12) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... r s. 256(1) of the Income-tax Act, 1961, hereinafter called " the Act ", the Income-tax Appellate Tribunal, Indore. Bench, Indore, has referred the following questions of law to this court for its opinion: " (1) Whether, on the facts and circumstances of the case, the assessee is entitled to carry forward and set off the losses sustained by her as partner in M/s. Alok Paper Industries in her asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment years 1965-66, 1966-67 and, 1967-68, respectively. The assessee claimed to carry forward and set off loss of Rs. 39,750 from M/s. Alok Paper Industries in the assessment year 1965-66. The Income-tax Officer rejected the claim of the assessee, inter alia, on the ground that after the assessment year 1967-68 the assessee had ceased to be a partner of M/s. Alok Paper Industries and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was not right in importing the condition prescribed by the proviso to cl. (i) of s. 72(1) of the Act while applying the provisions of cl. (ii) of s. 72(1) of the Act. The contention cannot be accepted. Clause (ii) of s. 72(1) of the Act merely provides that the loss when it cannot be wholly set off by recourse to the provisions of cl. (i) of s. 72(1) of the Act, the amount of loss not so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the loss sustained by her as partner in M/s. Alok Paper Industries in the assessment year 1970-71 as she ceased to be partner of that firm from December, 1966. For all these reasons, our answer to the first question is in the negative and against the assessee and to the second question is in the affirmative and against the assessee. In the circumstances of the case, parties shall bear their own c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
