https://www.taxtmi.com/caselaws?id=456650 The ITAT Cochin held that denial of loss carry forward due to filing provisional financial statements instead of audited accounts was unjustified. The AO failed to issue mandatory notice under Section 139(9) requiring defect rectification within fifteen days. Since audited accounts were subsequently filed during assessment proceedings, and no express statutory provision prohibits loss carry forward when audit is delayed, the Tribunal confirmed CIT(A)'s order allowing the claim. The return remained valid despite initial provisional filing, as statutory compliance was achieved before assessment completion. en-us Wed, 23 Feb 2022 00:00:00 +0530 Wed, 07 Aug 2024 20:37:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456650 The ITAT Cochin held that denial of loss carry forward due to filing provisional financial statements instead of audited accounts was unjustified. The AO failed to issue mandatory notice under Section 139(9) requiring defect rectification within fifteen days. Since audited accounts were subsequently filed during assessment proceedings, and no express statutory provision prohibits loss carry forward when audit is delayed, the Tribunal confirmed CIT(A)'s order allowing the claim. The return remained valid despite initial provisional filing, as statutory compliance was achieved before assessment completion. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456650