TaxTMI 
TaxTMI 
2020 (5) TMI 21
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.... of Maharashtra. It was noticed by the AO that assessee had not filed its return of income for AY 2012-13, accordingly notice u/s 148 of the Act was issued on 08.08.13 asking the assessee to file its return of income. In response, assessee submitted that its final account has been audited and awaiting for approval of Board of Directors as the Board itself has not been constituted and assessee requested for time to file its return of income. Further, AO issued notice u/s 142(1) of the Act dated 22.10.13 asking the assessee to file basic details and AR of the assessee filed the relevant information on 11.11.13. Thereafter, AO issued notice u/s 142(1) of the Act asking the assessee to explain as to why the assessment should not be completed ex....
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....e AO. 5. Aggrieved by the order of the Ld. CIT(A), assessee is in appeal before us on the following grounds:- 1) On the facts and circumstances of the case and in law the Ld. CIT(A) erred in interpreting the submission of the appellant and upholding the decision of Ld. AO by no allowing carry forward of business loss of Rs. 1,58,32,539/- as declared by the appellant. 2. The Appellant reserves its right to add, amend, alter or delete any of the grounds of appeal. 6. Apart from above, Assessee also filed additional grounds of appeal with a prayer to admit the same by relying on the decision of Hon'ble Supreme Court in the case of National Thermal Power Corporation vrs. CIT (229 ITR 383) (SC). 7. After considering the submission of asse....
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.... directors by the Govt. of Maharashtra, therefore, AO is not proper in denying the business loss declared by the assessee. 10. On the other hand, Ld. DR brought to our notice the facts of the case and submitted that assessee has filed its return of income belatedly and as per the provision of law, assessee cannot carry forward business loss irrespective of the fact that assessee is a public or private limited company and further, he relied upon the orders passed by the tax authorities. 11. Considered the rival contentions and the material placed on record, we notice from the record that assessee is a public sector company and due to internal exigencies, assessee has filed its return of income only on serving of notice u/s 148 of the Act a....