1998 (9) TMI 150 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Nagpur ruled in favor of the assessee for the assessment year 1994-95, allowing carry forward of loss and set off. The Tribunal emphasized that the right to carry forward and set off cannot be denied to the assessee based on failure to file returns in intervening years when there was no taxable income. The appeal by the Revenue was dismissed.