https://www.taxtmi.com/caselaws?id=343800 The ITAT allowed the appeal, overturning previous decisions, and permitted the appellant to carry forward the business loss. The ITAT considered the appellant's minimal involvement in day-to-day transactions through PMS and treated profit and loss from PMS accounts as capital loss, emphasizing that late filing of the return should not be the sole criterion for rejecting the claim. en-us Mon, 29 May 2017 00:00:00 +0530 Wed, 31 May 2017 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343800 The ITAT allowed the appeal, overturning previous decisions, and permitted the appellant to carry forward the business loss. The ITAT considered the appellant's minimal involvement in day-to-day transactions through PMS and treated profit and loss from PMS accounts as capital loss, emphasizing that late filing of the return should not be the sole criterion for rejecting the claim. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343800