https://www.taxtmi.com/caselaws?id=456981 The ITAT Chandigarh allowed the assessee's appeal against denial of carry forward of current year business losses under section 35AD. The AO/CPC had disallowed the carry forward citing late filing of return beyond the due date under section 139(1). The ITAT held there was no legal basis for such denial at the current assessment stage. The tribunal directed that verification of timely filing should occur when the assessee seeks set-off in subsequent years, not at the time of computing losses. The ITAT set aside the CIT(A)'s order and directed removal of restrictions on loss carry forward, while suggesting procedural improvements for better documentation. en-us Mon, 07 Aug 2023 00:00:00 +0530 Thu, 29 Aug 2024 21:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456981 The ITAT Chandigarh allowed the assessee's appeal against denial of carry forward of current year business losses under section 35AD. The AO/CPC had disallowed the carry forward citing late filing of return beyond the due date under section 139(1). The ITAT held there was no legal basis for such denial at the current assessment stage. The tribunal directed that verification of timely filing should occur when the assessee seeks set-off in subsequent years, not at the time of computing losses. The ITAT set aside the CIT(A)'s order and directed removal of restrictions on loss carry forward, while suggesting procedural improvements for better documentation. Case-Laws Income Tax Mon, 07 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456981