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Judgment
Arijit Pasayat, C. J.
At the instance of the Revenue, the following questions have been referred by the Tribunal, Cochin Bench, to this Court for opinion, u/s 256(1) of the Income Tax Act, 1961 (in short ''the Act'') :
"1. Whether, on the facts and circumstances of the case, the provisions of section 80 of the Income Tax Act, 1961, would have application in the context of the statutory requirement that a return is required to be filed in accordance with the provisions of section 139(3) of the Income Tax Act, 1961, for the purpose of considering the question of carrying forward of the losses ?
Whether, on the facts and in the circumstances of the case the question of carrying forward of the loss could be considered when it is raised, even though actual carrying forward gets postponed to the subsequent year, when it is specifically pleaded and is a controversy raised in the assessment year in question ?
What would be the situation if the return is filed after the statutory date and the proceeding are initiated as a result thereof as has been done in the present proceedings ?"
We had occasion to deal with. a similar problem in IT Ref. No. 37 of 1997, (reported as CIT v. Smt. Gunavathy Dharamsy (1999) 157 CTR (Ker) 5011. There we had reframed the question and had answered in favour of the Revenue and against the assessee. Our conclusions in the said case shall govern this case also.
The reference is disposed of accordingly.