Law: Income Tax Act, 1961

Section: 139

Income-tax----Loss---C6nstitutional petition---Carry forward of loss---Income-tax Officer not allowing carry forward of loss as return under S. 139(1) of the Indian Income-tax Act, 1961 filed beyond time---Income-tax Act providing effective remedy it was not proper to entertain writ petition. The 'Income-tax Officer refused to allow carry forward of losses on the ground that the return under section 139(1) of the Indian Income-tax Act, 1961, was filed beyond time. The assessee filed a writ petition and contended that the law on carry forward of losses having been settled by the Supreme Court, the order of the Income-tax Officer was manifestly erroneous: Held, that since the Income-tax Act itself provides an effective remedy, it would not be proper to entertain the writ petition. Further, the petitioner had already filed an application under section 154 of the Indian Income-tax Act, 1961 for rectification of the order which was pending before the Deputy Commissioner. Calcutta Discount Co. Ltd. v. ITO (1961) 41 ITR 191 (SC); CIT v. Kulu Valley Transport Co. (P.) Ltd. (1970) 77 ITR 518 (SC); OT v. Manmohan Das (1966) 59 ITR 699 (SC); J.K. Synthetics Ltd. v. Bajpai (O.S.), ITO (1976) 105 ITR 864 (All.); New India Investment Corpn. Ltd. v. ITO (1983) 143 ITR 9(x) (Cal.); Presidency Medical Centre (P.) Ltd. v. CIT (1977) 108 1TR 838 (Cal.) and Telster Advertising (P.) Ltd. v. CIT (1919) 116 ITR 610 (Bom.) ref. JUDGMENT R.M. SAHAI, J.--Aggrieved by the refusal to allow the carry forward of losses as the return of income under section 139(1) of Income-tax Act was filed beyond time, the petitioner, a manufacturer and exporter of handknitted 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 Co. (P.) Ltd. (1970) 77 ITR 518 (SC), Presidency Medical Centre (P.) Ltd. v. CIT (1977) 108 ITR 838 (Cal), Telster Advertising Pvt. Ltd. v CIT (1979) 116 TTR 610 (Bom)…

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