1984 (2) TMI 171 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Gauhati allowed the appeal of the assessee regarding the refusal to permit carry forward of a loss of Rs. 33,380 for the assessment year 1976-77. The Tribunal held that the Income Tax Officer cannot disallow carry forward of the loss based on the timing of filing the return, as per the provisions of the Income-tax Act. The appeal was allowed, and the assessee was directed to carry forward the loss in accordance with the law.