https://www.taxtmi.com/caselaws?id=767530 ITAT Bangalore allowed the assessee's appeal regarding set-off of brought forward losses from AY 2012-13 and 2013-14. The tribunal held that since returns for these years were filed within due dates and losses were determined by AO pursuant to timely filed returns, the assessee was entitled to carry forward and set off losses against subsequent year profits under section 80. Lower authorities' orders disallowing set-off were set aside. The matter was remitted to AO for quantifying correct loss amount after adjusting profits from subsequent years and granting appropriate set-off for AY 2017-18. en-us Mon, 06 Jan 2025 00:00:00 +0530 Mon, 20 Jul 2026 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767530 ITAT Bangalore allowed the assessee's appeal regarding set-off of brought forward losses from AY 2012-13 and 2013-14. The tribunal held that since returns for these years were filed within due dates and losses were determined by AO pursuant to timely filed returns, the assessee was entitled to carry forward and set off losses against subsequent year profits under section 80. Lower authorities' orders disallowing set-off were set aside. The matter was remitted to AO for quantifying correct loss amount after adjusting profits from subsequent years and granting appropriate set-off for AY 2017-18. Case-Laws Income Tax Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767530