COMMISSIONER OF INCOME TAX Vs. NUCHEM LTD

JUDGEMENT

(1.) As per office report, file was not available on account of fire in the court premises. The file has been reconstructed on the basis of paper book furnished by learned Counsel for the Appellant.

(2.) The Revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 against the order of Tribunal Delhi Bench E New Delhi passed in ITA No. 7368/Del/1992 filed by the Respondent and ITA No. 7204/Del/1992 filed by the Appellant for the asst. yr. 1988-89, raising following substantial questions of law:

(3.) The Assessee filed its IT return on 29th Sept., 1988 which was beyond the extended time allowed upto 31st Aug., 1988. The AO invoked Section 80 of the Act and disallowed carry forward and set off of loss against the income of the subsequent years.