SUHAS CHANDRA SEN, J.

( 1 ) THE Tribunal has referred the following question of law to this court under Section 256 (1) of the Income-tax Act, 1961 :"whether, on the facts and in the circumstances of the case, the Tribunal was justified in declining to allow the benefit of carry forward and set off of the losses for the earlier assessment years on the ground that returns of income for those assessment years were not furnished in terms of Section 139 although they were furnished in terms of notice under Section 148 ?"

( 2 ) THE facts of the case, as stated by the Tribunal, are as follows : "for the assessment years 1970-71, 1971-72 and 1972-73, income-tax assessments were completed under Section 143 (3) determining losses as stated below: Assessment year Loss Rs.  

1970-71 29,656

1971-72 14,072

1972-73 41,819

 

( 3 ) THERE was no assessment for the assessment year 1974-75. For the assessment year 1975-76, the Income-tax Officer, A-Ward, Burdwan, made an assessment determining an income of Rs. 74,828. On a prayer of the assessee, the said officer declined to set off the losses for the years mentioned above against the above income for this year on the ground that the assess

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