1989 (3) TMI 119

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..... section 139(1) of Income-tax Act was filed beyond time, the petitioner, a manufacturer and exporter of hand-knitted woollen carpets, has filed this petition. It has been urged that the law on the carry forward of losses having been settled by the Supreme Court, this court and other courts in numerous decisions, the order was manifestly erroneous. Reliance was placed on CIT v. Kulu Valley Transport .....

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..... er in J. K. Synthetics Ltd. v. Bajpai (0. S.), ITO [1976] 105 ITR 864 (All), New India Investment Corpn. Ltd. v. ITO [1983] 143 ITR 909 (Cal) or observation made in Calcutta Discount Co. Ltd. v. ITO [1961] 41 ITR 191 (SC) need not be discussed, nor is it necessary to express any opinion on the applicability of the ratio in respect of carry forward losses. Since the Act itself provides an efficacio .....

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