9911796707
TMI Blog1997 (7) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... have been referred to this court by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (hereinafter referred to as "the Tribunal"), for opinion : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in directing the Income-tax Officer to carry out the rectification under section 154 ? 2. Whether, on the facts and in the circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpletion of the assessment, the assessee found that the loss of Rs. 79,100 for the assessment year 1972-73 had not been carried forward by the Income-tax Officer to be set off in future years against the income of the firm. The assessee filed an application on August 12, 1977, under section 154 of the Act pointing out that under the provisions of section 77(1) of the Act, the loss determined for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dismissed the assessee's appeal. Aggrieved against the order of the Appellate Assistant Commissioner, the assessee filed a second appeal before the Tribunal, which was accepted. It was held that the assessee-firm was entitled to carry forward the loss of the unregistered firm to be set off against the income of the registered firm in the year in which the firm earned income. A further direction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 111 (Kar) is on all fours in favour of the assessee, and, therefore, the question that arises is whether it lays down correct law. After considering the provisions of section 77(1) of the Act and other relevant provisions, we are of the opinion that the Karnataka High Court has come to the correct conclusion on the interpretation of section 77(1) of the Act, that if an unregistered firm becom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed and the referred question is decided in favour of the assessee, that is, in the affirmative, with no order as to costs." In view of the aforesaid decision of this court in Sunil Theatre's case [1989] 177 ITR 558, question No. 2 is answered in the affirmative, i.e., against the Revenue and in favour of the assessee. Question No. 1 to carry out rectification, to give effect to the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
