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TMI Blog1989 (11) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1970 ?" The assessment year involved is 1976-77 for which the relevant accounting year ended on March 31, 1975 (sic). The question is about carry forward of loss. The Income-tax Officer disallowed the claim for carry forward on the ground that the assessee had not filed the return of income within the time allowed by section 139(3) of the Income-tax, Act 1961. The Appellate Assistant Commissioner, on appeal, following the decision of the Supreme Court in the case of CIT v. Kulu Valley Transport Co. (P.) Ltd. [1970] 77 ITR 518 and also the judgment of this court in the case of Presidency Medical Centre (P.) Ltd. v. CIT [1977] 108 ITR 838, held that this loss had to be allowed and the assessee was entitled to carry forward the loss of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (P.) Ltd. [1988] 169 ITR 466 (Cal). Moreover, I fail to see how Mr. Bhattacharjee could rely on the minority decision of the Supreme Court in the case of CIT v. Kulu Valley Transport Co. (P.) Ltd. [1970] 77 ITR 518 and ignore the majority judgment. Furthermore, reliance placed on the case of Brij Mohan v. CIT [1979] 120 ITR 1 (SC) is entirely misplaced. In that case, the controversy was whether the penalty proceeding which was initiated was valid or not. One of the contentions made on behalf of the assessee was that as per section 139, as it stood during the assessment year 1964-65, a return of income should have been filed by the end of September, 1964, and inasmuch as the return, although filed as late as April 24, 1968, was accepted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f of business losses. - (1) Where for any assessment year, the net result of the computation under the head 'Profits and gains of business or profession' is a loss to the assessee, not being a loss sustained in a speculation business, and such loss cannot be or is not wholly set off against income under any head of income in accordance with the provisions of section 71, so much of the loss as has not been so set off or, where the assessee has income only under the head 'Capital gains' relating to capital assets other than short-term capital assets and has exercised the option under sub-section (2) of that section or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried ..... X X X X Extracts X X X X X X X X Extracts X X X X
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