9911796707
TMI Blog1993 (2) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to this court : " 1. Whether, on the facts and in the circumstances of the case, the loss determined in respect of the assessment for the assessment year 1982-83 should have been directed to be carried forward under section 72(1) read with section 80 of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the 'SMC' Bench of the Tribunal legally assumed jur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1983, could not be a return under section 139(1) or 139(2) of the Act. He further held that there was violation of the provisions of section 139(3) of the Act. He did not accept the assessee's contention that the return was a voluntary return under section 139(4). He, therefore, rejected the claim for carry forward of the loss. On further appeal by the assessee, the Tribunal held that the clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder sub-section (1) of section 72 or sub-section (2) of section 73 or subsection (1) of section 74 or sub-section (3) of section 74A." The said section was amended by the Taxation Laws (Amendment) Act, 1984. Section 18 of the said Amending Act provides as follows : " In section 80 of the Income-tax Act, 1961, for the words and figures under section 139 , the words, brackets and figures 'withi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 977] 108 ITR 838 (Cal), held that the assessee is entitled to carry forward the loss even though the loss return was not filed within the time prescribed under section 139(3) of the Act. In this case, the Tribunal proceeded on the footing that no proof was adduced before the Assessing Officer whether any extension was obtained by the assessee before filing the return. Admittedly, the return was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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