1996 (7) TMI 39

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..... 228 ITR 797). The questions of law sought for our decision are as follows : "1. Whether, on the facts and in the circumstances of the case and also in the light of the relevant provisions, the assessee is entitled to carry forward any loss? 2. Whether, on the facts and in the circumstances of the case and in view of the amendment to section 139(3) with effect from April 1, 1987, the Tribuna .....

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..... ection 143(1) of the Income-tax Act, 1961, accepting the returned loss. The assessee had claimed a loss of Rs. 34,54,499 to be carried forward. This was not permitted by the Assessing Officer, holding that the assessee was not entitled to carry forward of the loss as the return of income was not filed within the time allowed by the provisions of section 139(3) of the Act. However, the facts are cl .....

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