Law:

Section:

Section 80, read with section 139, of the Income-tax Act, 1961 - Losses - Loss return - Assessment year 1995-96 - Whether question as to whether a loss can be set off can arise only in assessment of succeeding year or years when there is a positive income against which such set off is claimed - Held, no - Whether since assessee could not file return within time provided under section 139, assessee was not entitled to carry forward loss by virtue of provisions contained in section 80 - Held, yes CASE REFERRED TO CIT v. Smt. Gunavathy Dharmasy [2000] 241 ITR 168/ 108 Taxman 121 (Ker.). P.K.R. Menon for the Applicant. JUDGMENT C.N. Ramachandran Nair, J. - This reference is at the instance of the revenue. The following questions are referred to us for our decision : 1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the question as to whether a loss can be set off can arise only in the assessment of the succeeding year or years when there is a positive income against which such set off is claimed ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in vacating the directions of the Assessing Officer recorded in the assessment order to the effect that the loss shall not be carried forward ? 2. We heard Standing Counsel for the Department, but none appeared for the assessee even though notice was served on the assessee. Standing Counsel brought to our notice a decision in CIT v. Smt. Gunavathy Dharmasy [2000]…

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