1996 (8) TMI 14 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled in favor of the assessee in a reference under the Income-tax Act, 1961. The Tribunal was justified in canceling the Commissioner's order under section 263 and restoring the Assessing Officer's order regarding carry forward of losses. The Tribunal based its decision on the Supreme Court's precedent until the amendment in 1987, allowing the assessee to carry forward losses despite late filing of the return.