Carry forward & set off of losses. - Income Tax - 1607/CBDT

INSTRUCTION NO. 1607/CBDT Dated: March 14, 1985 Attention is invited to Board's Instruction No.1528 (F.No.225/240/78-ITA.II) dated 20th September 1983 wherein it was clarified that in case a loss return is not filed within the time prescribed u/s.139(3) the assessee will not be entitled to the benefit of carry forward of loss. 2. The Board has re-examined the matter and it is hereby clarified that Board's Instruction No.1528 dated 20th September, 1983 will be effective for the assessment year 1984-85 only. 3. As regards assessment years subsequent to assessment year 1984-85, section 80 of the I.T.Act, 1961 has been amended by Taxation Laws (Amendment) Act, 1984 with effect from 9th April, 1985. Under the amended provisions carry forward and set off loss will not be allowed unless it has been determined in pursuance of a return filed within the time allowed u/s.139(1) or the time extended by the Income-tax Officer. 4. This may be brought to the notice of all the officers in your charge.