Taxpayer Wins: Assessed Loss Carry Forward Upheld Despite Late Return Filing Under Section 139(4)

HC upheld ITAT's decision regarding carry forward of assessed loss when income return was filed under section 139(4). The court determined that taxing authorities must adhere to the scheme of amalgamation approved by the HC, effective from the appointed date. The return filed beyond the due date cannot be disregarded under section 139(5). The tribunal's ruling was deemed justified, affirming the assessee's right to carry forward losses despite procedural variations in return filing, with the revenue's appeal consequently dismissed. .....

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