COMMISSIONER OF INCOME TAX Vs. SANKARLAL GOENKA

JUDGEMENT

(1.) ON a prayer of the Revenue, the following questions have been referred to this Court by the learned Tribunal under Sub -S. (1) of S. 256 of the IT Act, 1961, by order dt. 3rd Sept., 1987, passed in Case No. R. A. 174/(Gau) of 1986. The reference arises out of the order of the learned Tribunal passed in Appeal No. I T A 162/ (Gau) of 1985 for the asst. year 1978 -79. The question is as follows :

(2.) HEARD Mr. Talukdar, learned counsel for the Revenue and Dr. Saraf, learned counsel for the assessee. It may be stated that there is a typographic mistake in the last line of the reference, inasmuch as, instead of "s. 139(3)" the section should be "s. 139(4)".

(3.) THE society was assessed as an individual and during the year relevant to the asst. year 1977 -78, the return of income was filed declaring a net loss of Rs. 78,050. In the assessment year, the income -tax return was for Rs. 7,380 and the loss of the earlier year was sought to be carried forward, but the ITO refused to allow the carry forward loss on the ground that the return of income for the earlier year was filed after 27 months from the due date for the filing of the return of income.