1998 (9) TMI 150

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..... 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 Officer and the matter was further carried .....

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..... ee 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 in accordance with the provisions of su .....

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