https://www.taxtmi.com/caselaws?id=762850 ITAT Kolkata held that the assessee was entitled to set off brought forward losses from A.Y. 2021-22 and 2022-23 against income of A.Y. 2023-24. The tribunal clarified that Section 80 does not require the return for the year in which loss is set off to be filed within the due date under Section 139(3). Since the A.Y. 2022-23 return was filed within due date, that loss could be carried forward. The AO was directed to verify the filing date of A.Y. 2021-22 return and allow set off if filed within due date. Interest under Sections 234B and 234C to be recomputed accordingly. en-us Fri, 06 Dec 2024 00:00:00 +0530 Mon, 09 Dec 2024 08:44:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762850 ITAT Kolkata held that the assessee was entitled to set off brought forward losses from A.Y. 2021-22 and 2022-23 against income of A.Y. 2023-24. The tribunal clarified that Section 80 does not require the return for the year in which loss is set off to be filed within the due date under Section 139(3). Since the A.Y. 2022-23 return was filed within due date, that loss could be carried forward. The AO was directed to verify the filing date of A.Y. 2021-22 return and allow set off if filed within due date. Interest under Sections 234B and 234C to be recomputed accordingly. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762850