https://www.taxtmi.com/caselaws?id=263759 The Tribunal dismissed the appeal by the assessee, affirming the revenue authorities' decision to deny the claim of set off of loss for A.Y. 2004-05 in the assessment for A.Y. 2006-07. The Tribunal held that the delayed filing of the return for A.Y. 2004-05 rendered the assessee ineligible for the benefit of carry forward of loss under section 80 of the Income Tax Act. The decision emphasized adherence to statutory provisions over equity considerations, highlighting the authority of the CBDT to condone filing lapses. en-us Fri, 27 Feb 2015 00:00:00 +0530 Thu, 10 Sep 2015 08:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263759 The Tribunal dismissed the appeal by the assessee, affirming the revenue authorities' decision to deny the claim of set off of loss for A.Y. 2004-05 in the assessment for A.Y. 2006-07. The Tribunal held that the delayed filing of the return for A.Y. 2004-05 rendered the assessee ineligible for the benefit of carry forward of loss under section 80 of the Income Tax Act. The decision emphasized adherence to statutory provisions over equity considerations, highlighting the authority of the CBDT to condone filing lapses. Case-Laws Income Tax Fri, 27 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263759