COMMISSIONER OF INCOME TAX Vs. PIGMENTS INDIA LTD.

JUDGEMENT

(1.) The Revenue, under s. 256(2) of the IT Act, 1961, desires reference of the following questions :

(2.) Whether, on the facts and in the circumstances of the case and also considering the relevant provisions and the provision contained in sub-s. (10) of s. 139 which retrospectively came into force from 1st April, 1986, the Tribunal is right in law in holding that the assessee is entitled to have the loss carried forward ?

(3.) Whether, on the facts and in the circumstances of the case and since the AO had extended time only upto 30th Sept., 1986, and return filed on 10th Oct., 1986, being one within the further extension of time applied for by the assessee (and on which no order was passed by the officer) the Tribunal is right in law in holding that "therefore, in view of the proviso to s. 139(1) as it stood then, the assessee is entitled to have the loss carried forward ?"