Section 80 :Belated return , Loss assessed couldn't be carried forward

Loss assessed couldn't be carried forward if return declaring income was filed belatedly

[2015] 57 taxmann.com 395 (Calcutta)

HIGH COURT OF CALCUTTA

Peerless General Finance & Investment Co. Ltd.

v.

Commissioner of Income-tax, Kolkata-I

Section 80, read with section 139, of the Income-tax Act, 1961 - Losses - Loss return (Carry forward and set off) - Assessment years 1985-86 and 1986-87 - Assessee filed returns declaring certain income after expiry of time extended by Assessing Officer for filing return - Assessments were, however, made at net loss - Whether assessee-company was entitled to carry forward and set off business loss determined and assessed by Assessing Officer - Held, no [In favour of revenue]