2010 (11) TMI 70 - HC - Income Tax

Belated return - Losses were indicated in the return filed by the assessee in 1999-00 - AY 2001- 02, there were profits - assessee claimed to set off the losses in the AY 1999-00 from the profits in the year 2001-02 - denied by the Assessing Officer - Held that - first condition mentioned in Section 139(3) of the Income Tax Act 1961 (the Act) was satisfied - Assessing Officer had not determined the losses. It is for this reasons that the Tribunal has remanded the case. There is no illegality in the order. The appeal has no merit. It is dismissed

Summary

The Allahabad High Court dismissed the appeal by the Income Tax Department against the order of the Income Tax Appellate Tribunal. The case involved setting off losses from AY 1999-00 against profits in AY 2001-02, which was denied by the Assessing Officer. The Tribunal remanded the case for a fresh decision, and the High Court found no merit in the appeal, ultimately dismissing it.