https://www.taxtmi.com/highlights?id=83798 The assessee was entitled to set off brought forward losses from assessment years 2021-22 and 2022-23 against income in assessment year 2023-24, even if the return for 2023-24 was filed belatedly u/s 139(4). There is no requirement that the return for the year in which losses are set off must be filed within the due date u/s 139(3). The Assessing Officer was directed to verify if returns for 2021-22 and 2022-23 were filed within the due dates u/s 139(3), and if so, allow set off of brought forward losses against income in 2023-24. Interest u/ss 234B and 234C is consequential to income determined after set off of losses. The appeal was allowed subject to verification of timely filing of the 2021-22 return. en-us Mon, 09 Dec 2024 08:44:20 +0530 Mon, 09 Dec 2024 08:44:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83798 The assessee was entitled to set off brought forward losses from assessment years 2021-22 and 2022-23 against income in assessment year 2023-24, even if the return for 2023-24 was filed belatedly u/s 139(4). There is no requirement that the return for the year in which losses are set off must be filed within the due date u/s 139(3). The Assessing Officer was directed to verify if returns for 2021-22 and 2022-23 were filed within the due dates u/s 139(3), and if so, allow set off of brought forward losses against income in 2023-24. Interest u/ss 234B and 234C is consequential to income determined after set off of losses. The appeal was allowed subject to verification of timely filing of the 2021-22 return. Highlights Income Tax Mon, 09 Dec 2024 08:44:20 +0530 https://www.taxtmi.com/highlights?id=83798