1995 (1) TMI 21 - HC - Income Tax

Summary

The High Court of Gauhati ruled in favor of the assessee, allowing the carry forward of loss even though the return was filed after the prescribed time under section 139(1) of the Income-tax Act. The court held that the return filed within two years from the end of the assessment year should be deemed as filed within the prescribed time, citing the decision in CIT v. Kulu Valley Transport Co. P. Ltd. [1970] 77 ITR 518. The judgment was transmitted to the Income-tax Appellate Tribunal with no costs awarded.