Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The assessee was entitled to set off brought forward losses from assessment years 2021-22 and 2022-23 against income in assessment year 2023-24, even if the return for 2023-24 was filed belatedly u/s 139(4). There is no requirement that the return for the year in which losses are set off must be filed within the due date u/s 139(3). The Assessing Officer was directed to verify if returns for 2021-22 and 2022-23 were filed within the due dates u/s 139(3), and if so, allow set off of brought forward losses against income in 2023-24. Interest u/ss 234B and 234C is consequential to income determined after set off of losses. The appeal was allowed subject to verification of timely filing of the 2021-22 return.
The assessee was entitled to set off brought forward losses from assessment years 2021-22 and 2022-23 against income in assessment year 2023-24, even if the return for 2023-24 was filed belatedly u/s 139(4). There is no requirement that the return for the year in which losses are set off must be filed within the due date u/s 139(3). The Assessing Officer was directed to verify if returns for 2021-22 and 2022-23 were filed within the due dates u/s 139(3), and if so, allow set off of brought forward losses against income in 2023-24. Interest u/ss 234B and 234C is consequential to income determined after set off of losses. The appeal was allowed subject to verification of timely filing of the 2021-22 return.
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