1988 (11) TMI 358

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..... of the Income-tax Act, 1961 ('the Act') for the assessment year 1984-85 the following question of law has been referred to this Court: Whether, having regard to the facts that the assessee filed its loss return beyond the period prescribed under section 139(3) of the Income-tax Act, 1961 and on a proper interpretation of section 80 of the said Act, the Tribunal is right in law .....

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..... upra ) will govern the assessment year 1984-85. It has been laid down in the said circular that the department accepted the decision in the Presidency Medical Centre ( P.) Ltd. 's case (supra) prior to assessment year 1984-85. We are concerned here with the assessment year 1984-85. In our view the amendment was made in section 139(1)only from 1-4-1987 which will govern the assessment year 1987 .....

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..... carry forward the loss even though the loss return was not filed within the time prescribed under section 139(3) as amended by the Taxation Laws (Amendment) Act. 1970? This Court following the decision in Presidency Medical Centre (P.) Ltd. 's case (supra) answered the said question in the affirmative and in favour of the assessee. In our view, the said decision will cover the asse .....

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