Commissioner of Income Tax vs Nagpur Steel and Alloys (P.) Ltd.

Dipak Kumar Sen, J.—On an application of the Revenue u/s 256(1) of the Income Tax Act, 1961, the following questions have been referred as questions of law arising out of the order of the Tribunal for the opinion of this court:

"(1) Whether, on the facts and in the circumstances of the case, and having regard to the provisions of Section 139(9) of the Income Tax Act, 1961, limiting the time within which loss should be declared, the Tribunal was justified in holding that the assessee was entitled to carry forward the loss even though the loss return was not filed within the time prescribed u/s 139(3) as amended by the Taxation Laws (Amendment) Act, 1970 ?

(2) Whether the Tribunal was right in holding that the relief u/s 80J of the Income Tax Act, 1961, was admissible in law as such for the entire year and should not be calculated proportionately with reference to the period for which the undertaking was in operation during the year ?"

The controversy raised in the first question is covered by a decision of this court in Presidency Medical Centre (P.) Ltd. Vs. Commissioner of Income Tax, . Following the said decision, we answer the question in the affirmative and in favour of the assessee.

The controversy in question No. (2) is also covered by a decision of this court in Commissioner of Income Tax Vs. Oyster Packagers (P.) Ltd., . Following the said decision, we answer the question in the affirmative and also in favour of the assessee.

There will be no order as to costs.

Monjula Bose, J.

I agree.