Carry forward of unabsorbed depreciation not hit by provisions of section 80

CIT Vs. Govind Nagar Sugar Ltd. (ITA No. 164 of 2008) (Del) Facts: – Taxpayer filed its return of income for the assessment year 2001-02 on 31 March 2003 declaring a loss.   The due date of filing the return of loss in terms of provisions of section 139(3) of the Income Tax Act,1 961 (the Act) was 31 October 2001. In the assessment order, the Assessing Officer (the AO) did not allow the carry forward of unabsorbed loss including the unabsorbed depreciation. The Commissioner (Appeals) confirmed the AO’s order and held that the taxpayer was not allowed to carry forward the losses by vir...