CIT Vs. COVELONG BEACH HOTEL INDIA LTD

JUDGEMENT

(1.) THE Tribunal has stated the case under Section 236(1) of the IT Act, 1961, (hereinafter called as 'the Act') and referred the following common question of law for the asst. yrs. 1986-87 and 1987-88.

(2.) THE question that arises in both the tax cases is whether the assessee is entitled to carry forward the because loss relating to the asst. yr. 1978-79 beyond the asst. yr. 1986-87. THE issue has arisen because at the option of the assessee there was a change in the previous year with the result there was no assessment for the assessee for the asst. yr. 1983-84. THE submission of the assessee was that the loss, in question arose in the asst. yr. 1978-79 should be taken into account while computing the income beyond the asst. yr. 1986-87 by carrying forward the loss determined for the asst. yr. 1978-79 and that the asst. yr. 1983-84 has to be excluded as there was no assessment.