Assessee must file ITR by July 31 to offset business losses; CIT(A) upholds CPC/Assessing Officer's decision under Sec 139(1).

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....Set-off of brought forward business losses against current year business income - due date of filing of ITR u/s 139(1) - It is audit case or not - Before us also the assessee failed to bring to our notice any specific provision under any law which mandates that the assessee’s books of account need to be audited. Therefore, we agree with the view taken by Ld CIT(A) that the assessee has to file its ROI on or before 31st July as per the clause (c) of Explanation 2 of section 139(1) of the Act. We note that the assessee is not required to audit its books as per the Income Tax Act or under any other law and therefore clause (a)(ii) of section 139(1) of the Act is not attracted to the assessee’s case. Therefore, the action of the Ld.CIT(A) in confirming the action of CPC/AO cannot be faulted. - AT....