COMMISSIONER OF INCOME TAX Vs. ALOK ENTERPRISES
SUPREME COURT OF INDIA
COMMISSIONER OF INCOME TAX
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(1.)The present appeal is from the decision of the High Court refusing to exercise powers u/s. 256(2) of the Income-tax Act, 1961 (the Act), in view of the earlier decision of the same High Court, namely CIT V/s. Pratapgarh Cold Storage & Ice Factory, 1982 0 UPTC 129. The question which arose for decision was :
Whether, the assessee will be entitled to the benefit for carry forward of loss to be set off in subsequent years even if the return of loss is filed beyond the time prescribed u/s. 139(3) of the Income-tax Act, 1961
(2.)Learned counsel appearing on behalf of the appellant has drawn our attention to the fact that the decision in Pratapgarh Cold Storage & Ice Factorys case (supra) has proceeded on the basis of this Court in CIT V/s. Kulu Valley Transport Co. (P.) Ltd., 1970 77 ITR 518.
(3.)It appears that the decision in Kulu Valley Transport Co. (P.) Ltd.s case (supra) was based upon an interpretation of the provisions of Sec. 22 of the Indian Income-tax Act, 1922. The language of Sec. 22 and Sec. 139, sub-Ss. (3) and (4) of the Act do not prima facie appear to be pari materia and it cannot be said that the question raised by the revenue is not an arguable one.
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