9911796707
TMI Blog1996 (7) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... d in sub-section (10) of section 139 which retrospectively came into force from April 1, 1986, the Tribunal is right in law in holding that the assessee is entitled to have the loss carried forward ? 3. Whether, on the facts and in the circumstances of the case and since the Assessing Officer had extended time only up to September 30, 1986, and return filed on October 19, 1986, being one within the further extension of time applied for by the assessee (and on which no order was passed by the officer), the Tribunal is right in law in holding that therefore, in view of the proviso to section 139(1) as it stood then, the assessee is entitled to have the loss carried forward ? The factual matrix takes us to the situation as to whether the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the loss could not be carried forward and set off. The matter came up before the Income-tax Appellate Tribunal. Factually, the Tribunal has recorded that initially extension of time till September 30, 1986, was granted and the assessee had again applied for extension of time up to October 15, 1986, and it was within this time, in regard to which extension was applied for, the return in question came to be filed on October 10, 1986, it was within the further extension of time applied for by the assessee. The Tribunal took the view that on the facts and circumstances stated above, the assessee would be entitled to have the loss carried forward. The Tribunal has observed that it is the Assessing Officer who is in seisin of the assessment p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s for the purpose of set off and the provisions of section 24 of the Indian Income-tax Act, 1922, in regard thereto. The assessees therein had applied for extension of time and had, in fact, obtained extension from the Income-tax Officer himself and the question was not at all res integra. In the process of reasoning in relation to Manmohan Das' case [1966] 59 ITR 699 (SC), it is tersely observed in the context of the question under consideration of the apex court that the principle of the said decision is of no relevance to the facts and circumstances of the cases before the Supreme Court. Even then, it is observed that the question whether the loss determined for the previous year is to be carried forward or set off against the income of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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