1986 (5) TMI 39

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..... facts and in the circumstances of the case and in law, the ld. CIT (A) erred in allowing the carry forward of loss though the return was not filed within the time limit prescribed under s. 139 (1)." The assessee, a company in which public are not substantially interested, filed its return on 14th Sept., 1983 declaring a loss of Rs. 36,71,222. The ITO determined the total loss at Rs. 39,73,698. I .....

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..... Shri Panjwani brought to our notice the instructions of CBDT contained in the Circular dt. 14th March, 1985 under which it has been clarified that the instructions dt. 20th Sept., 1983 (relied upon by the ITO) would be effective from asst. yr. 1984-85 only. In this view of the matter, therefore, we do not see any reason to interfere with the decision of the CIT (A). 4. The next ground reads as .....

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..... asset any part of the said subsidy as received by the assessee. 6. Being aggrieved the Revenue has come up in appeal before us. The ld. departmental representative fairly submitted that this ground was raised in order to keep the issue alive. He could not place before us any distinguishing features to depart from the view taken by the CIT (A) which is based on the above cited decision of the Sp .....

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