COMMISSIONER OF INCOME TAX Vs. K.C. BEZBARUA

JUDGEMENT

(1.) AT the instance of the Commissioner of Income Tax, the following question of law has been referred to us by the Income Tax Appellate Tribunal, Gauhati Bench, Guwahati, for our opinion :

(2.) THE assessee is an individual. The assessment year is 1976 -77. The assessee submitted his return of income on February 19, 1979. The assessment was completed under Section 143(3) on a net loss of Rs. 35,380. The Income Tax Officer, however, did not allow the loss to be carried forward on the ground that the return was not filed within the time prescribed under Section 139(3) of the Income Tax Act, 1961, hereinafter referred to as "the Act". The assessee filed an appeal before the Appellate Assistant Commissioner which was rejected. The assessee filed a second appeal before the Tribunal. The Tribunal decided in favour of the assessee. It held that the assessee was entitled to the benefit of carry forward of the loss sustained in view of the decision of the Supreme Court in CIT v. : [1970]77ITR518(SC) . The contention of the Revenue that this decision of the Supreme Court being a decision under the Indian Income Tax Act, 1922 ("the 1922 Act" hereinafter), will not apply to a case under the Income Tax Act, 1961 ("the 1961 Act"), was repelled by the Tribunal on the ground that there was no substantial difference between the relevant provisions of the 1922 Act and the 1961 Act in this regard. The Commissioner applied under Section 256(1) of the Act for a reference and, at his instance, the aforesaid question has been referred by the Tribunal.

(3.) MR . D. N. Choudhury, learned counsel for the assessee, on the other hand, submits that there is no substantial difference in the language of the relevant provisions under the two Acts and that the ratio of the decision of Kulu Valley : [1970]77ITR518(SC) squarely applies to a case under the 1961 Act.