Dismissing the appeal of the revenue the Court held that, Tribunal is justified in allowing the assessee’s claim of carry forward of loss though the return was filed under old form as the had not sought to gain any unfair advantage by filing return in old Form and moreover, it did later on comply with conditions of filing new Form. (AY. 2007-08)
CIT v. Zila Sahkari Bank Ltd. (2019) 112 taxmann.com 403 (All.)(HC) Editorial : SLP of revenue is dismissed, CIT v. Zila Sahkari Bank Ltd (2020) 269 Taxman 55 (SC)
S. 80 : Return for losses-Return filed under old form-Carry forward of loss cannot be denied. [S.139(1)]