https://www.taxtmi.com/highlights?id=61201 Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay has happened for the first time in the last 25 years for a situation totally beyond his control. - The statute is very clear on this issue that for claiming the benefit of setting off of carried forward loss against the income of the subsequent year, the return for the assessment year in which loss was incurred has to be filed in time as specified u/s 139(1) - claim of set off of carried forward loss rejected - AT en-us Thu, 30 Dec 2021 11:51:56 +0530 Thu, 30 Dec 2021 11:51:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61201 Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay has happened for the first time in the last 25 years for a situation totally beyond his control. - The statute is very clear on this issue that for claiming the benefit of setting off of carried forward loss against the income of the subsequent year, the return for the assessment year in which loss was incurred has to be filed in time as specified u/s 139(1) - claim of set off of carried forward loss rejected - AT Highlights Income Tax Thu, 30 Dec 2021 11:51:56 +0530 https://www.taxtmi.com/highlights?id=61201