TaxTMI 
TaxTMI 
2021 (1) TMI 826
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.....T. Parks and related infrastructural facilities. In the assessment completed under section 143(3) of the Act vide an order dated 18.12.2017, the total income of the assessee was determined by the Assessing Officer as per the normal provisions of the Act at Rs. NIL after allowing set off for the unabsorbed depreciation and brought forward losses of the earlier years including the brought forward business loss of Rs. 3,99,13,429/- pertaining to A.Y. 2009-10. The book profit of the assessee-company under section 115JB of the Act was computed by the Assessing Officer at Rs. 2,57,78,146/- as declared in the return of income. The record of the assessment completed by the Assessing Officer was examined by the concerned ld. Principal CIT and on su....
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....n the SCN that in arriving at the assessed income for the AY 2015-16 the AO wrongly allowed set-off for brought forward business loss of Rs. 3,99,13,429/- pertaining to AY 2019. On scrutiny of the Assessment Orders for the AYs 2009-10 to 2012-13 it was noted by you that such business loss was not available for set off in AY 2015-16 because the loss was entirely set off in the earlier years i.e. in AYs 2011-12 and 2012-13. In this regard we place on your record our following objections. Before dealing with the specific issue, it is relevant to place on record the following facts for correct appreciation of the issue at hand. For AY 2009-10, return u/s. 139(1) was filed declaring loss of Rs. 19,10,76,892/-. Such negative income compr....
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....0.10.2019 the revised assessed income is (-) Rs. 19,10,76,892/- which inter-alia includes business loss of Rs. 3,99,13,429 and for which no setoff has been allowed till AY 2014-15. As such the business loss assessed in AY 2019-20 was rightly allowed to be set off by the AO in AY 2015-16 while passing the Assessment Order u/s. 143(3). It is therefore submitted that the assessment order for AY 2015-16 is neither erroneous nor prejudicial to the interest of the revenue for the reasons set out in your SCN". 3. The ld. Principal CIT did not find merit in the submission made on behalf of the assessee for the following reasons given in paragraph no. 5 of his impugned order:- "5. I have carefully considered the facts of the cas....
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....he order dated 18.12.2017 passed by the Assessing Officer under section 143(3) of the Act vide his order dated 04.02.2020 passed under section 263 of the Act with a direction to the Assessing Officer to pass a fresh assessment order after taking into consideration the observations made by him. Aggrieved by the order of the ld. Principal CIT passed under section 263, the assessee has preferred this appeal before the Tribunal. 5. We have heard the arguments of both the sides and also perused the relevant material available on record. The ld. Counsel for the assessee has submitted that the order passed by the Assessing Officer under section 143(3)/147 of the Act on 19.03.2016 disallowing the assessee's claim for depreciation to the exte....
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....xtent of loss as determined in the assessment. The undisputed fact in this regard is that the total loss of the assessee for A.Y. 2009-10 was determined in the assessment completed under section 143(3)/147 vide an order dated 19.03.2016 at Rs. 10,67,21,089/- as against the loss of Rs. 19,10,76,892/- declared by the assessee and since the entire loss so determined was already set off against the income of the assessee for A.Y. 2011-12 and 2012-13, no loss as determined in the assessment for A.Y. 2009-10 was available for set off against the income of the assessee for A.Y. 2015-16 when the assessment order under section 143(3) for A.Y. 2015-16 came to be passed by the Assessing Officer on 18.12.2017. In our opinion, there was thus an error in....