Law: Income Tax Act, 1961

Section: 139(l),256(2)

Income-tax---Reference---Loss---Carry forward and set off---Return not filed within time prescribed under S.139(l)---Assessing Officer denying carry forward of loss---Tribunal holding that assessee was entitled to carry forward or losses---Justified---No question of law arises---Indian Income Tax Act, 1961, Ss. 139(l) & 256(2). The assessee filed a return of income showing loss. On the ground that the return was not filed within time prescribed under section 139(1) of the Income Tax Act, 1961, the Assessing Officer denied carry forward of the loss. On appeal, the Commissioner of Income-tax (Appeals) permitted the carry forward of the loss. The Tribunal dismissed the appeal of the Revenue. On an application to direct reference: Held, dismissing the application; that the questions proposed in the application stood concluded by the decisions in C.I.T. v. Kulu Valley Transport Co. P. Ltd. (1970) 77 ITR 518 (SC) and Cooperative Marketing Society Ltd. v. C.I.T. (1983) 143 ITR 99 (MP). The Tribunal had rightly held that the assessee was entitled to carry forward of losses though the return was belated. No question of law arose from its order. C.I.T. v. Kulu Valley Transport Co. P. Ltd. (1970) 77 ITR 518 (SC) and Cooperative Marketing Society Ltd. v. C.I.T. (1983) 143 ITR 99 (MP) fol. . JUDGMENT A. R. TIWARI, J.---The applicant (Commissioner of Income-tax, Bhopal) has filed this application under section 256(2) of the Income Tax Act, 1961 (for short "the Act"), seeking a direction to the Tribunal to state the case and to refer the proposed question of law after rejection of the application registered as R.A. No.441/Ind of 1991 for the assessment year 1984-85 on January, 10,. 1992, arising out of the order, dated February 22, 1991, passed by the Tribunal in I.T.A. No.995/Ind of 1985, for our consideration and opinion: "Whether, on the facts and in the circumstances of the case and on interpretation of the relevant provision of the statute, the Income-tax Appellate Tribunal was justified in holding that the assessee was entitled to carry forward of losses though the return was belated?" Briefly stated, the facts of the case are that the assessee submitted the return…

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