COMMISSIONER OF INCOME TAX Vs. UTKAL FLOUR MILLS

JUDGEMENT

(1.) THE statement of case has been made to this court under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act" ), on the following question of law :

(2.) THERE is no dispute in this case that loss determined in pursuance of a return filed in accordance with Section 139(3) of the Act can be carried forward. However, Section 80 of the Act provides that such loss cannot be carried forward in the circumstances indicated therein. It reads as follows :