AO rejected assessee’s claim for carry forward of loss on ground that return was not filed within time prescribed under S. 139(1) of the Act. On appeal Tribunal directed assessee to seek condonation of delay in filing return from CBDT. Assessee did not file application for condonation of delay even before CBDT within permissible time limit. CBDT rejected application on ground of limitation and latches. On writ the Court held that rejection of application by CBDT is held to be justified. (AY.2008-09)
Ganesh Sahakari Bank Ltd. v. Government of India (2019) 264 Taxman 150 (Bom.)(HC)
S. 72 : Carry forward and set off of business losses–Return was not filed with in prescribed time–Application for condonation of delay was not filed with in permissible time limit – Rejection of application is held to be justified. [S. 119, 139(1), 254(1)]