1984 (2) TMI 171

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..... of the assessee from business at Rs. 33,380 but did not allow carry forward of the loss on the ground that "the return of income was not filed within the time as prescribed under section 139(3)". In an appeal by the assessee, the AAC accepted the reasons given by the ITO and confirmed the later's order. Being aggrieved by the said order, the assessee preferred this appeal. It is opposed by the De .....

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..... of the 1961 Act, we are satisfied that there has not been any material charge in the provisions of the two sections in the two Acts justifying non-application of the Supreme Court case reported in (1970) 77 ITR 518(SC). We are satisfied that according to the existing law, the loss determined in accordance with the provisions of the Act has to be carried forward in the instant case. As such, we se .....

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