1998 (9) TMI 150

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..... cer to allow carry forward of loss and set off. 2. The case of the Revenue is that the assessee failed to file the return for the assessment year 1993-94 and, therefore, the assessee forfeited the right to carry forward the loss and set off. Against the order of the Assessing Officer for the assessment year 1994-95 the assessee approached by way of 154 and the same was rejected by the Assessing O .....

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..... due to the loss, the right of the assessee to set off, when the assessee had earned taxable income cannot be lost or forfeited. 3. Aggrieved by the above order of the CIT(Appeals) the Revenue is in appeal before the Tribunal. Section 80 of the Income-tax Act, 1961 states that "Notwithstanding anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed .....

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..... 4-95 to claim the carry forward and set off. I was also determined as a consequence of the return during the assessment year 1991-92. Failure of the assessee, in the intervening years to file the return, as there was no taxable income, will not deprive the assessee the benefit extended under the section. The order of the CIT(Appeals) stands confirmed. 4. The appeal by the Revenue is dismissed.

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