https://www.taxtmi.com/caselaws?id=122625 The appeal was against an order under section 263 of the Income-tax Act, challenging the disallowance of carrying forward a loss due to delayed filing of the return of income for the assessment year 2004-05. The ld. CIT found the assessment order erroneous and prejudicial to revenue, setting it aside for fresh assessment as the delay in filing the return made the assessee ineligible for carrying forward the loss. The Tribunal partly allowed the appeal, emphasizing the need for a fresh assessment to determine the eligibility of carrying forward the loss in subsequent years in accordance with legal provisions. en-us Fri, 04 Dec 2009 00:00:00 +0530 Wed, 05 Jun 2013 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122625 The appeal was against an order under section 263 of the Income-tax Act, challenging the disallowance of carrying forward a loss due to delayed filing of the return of income for the assessment year 2004-05. The ld. CIT found the assessment order erroneous and prejudicial to revenue, setting it aside for fresh assessment as the delay in filing the return made the assessee ineligible for carrying forward the loss. The Tribunal partly allowed the appeal, emphasizing the need for a fresh assessment to determine the eligibility of carrying forward the loss in subsequent years in accordance with legal provisions. Case-Laws Income Tax Fri, 04 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122625