TaxTMI 
TaxTMI 
2023 (1) TMI 568
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....m the intimation order passed u/s. 143(1) of the Income-tax Act, 1961 (in short 'the Act') by the Centralised Processing Centre (CPC), Bengaluru. The grounds raised by the assessee are reproduced as under: General Ground: 1. On the facts and the circumstances of the case and in law, the Learned Commissioner of Income Tax (Appeal Unit 1) (hereinafter referred as "Ld CIT(A)") erred in making an addition of Rs. 5,44,65,784 to the total income/(loss) of the Appellant. 2. Ground 2 - Reduction in Carry forward losses of AY 2020-21 2.1. The Ld. CIT(A) erred in reducing the loss without providing reasonable opportunity of being heard through virtual hearing to the Appellant, thereby violating the principl....
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....of Rs. 49,80,32,986 to be carried forward to future years. 2. Briefly stated facts of the case are that the assessee filed its return of income for the year under consideration on 13/02/2021 declaring loss of Rs. 55,24,98,770/-. In the intimation order under section 143(1) of the Act dated 28/07/2021 issued by the CPC, the loss of current year to be carried forward was restricted to Rs. 49,80,32,986/-. Aggrieved with the adjustment made by the CPC, the assessee filed application for rectification before the Assessing Officer, on 13/08/2021, however in view of the no response from the Assessing Officer, the assessee preferred appeal before the Ld. CIT(A), but the Ld. CIT(A) in the impugned order dated 20/07/2022 has adjudicated the issue ....
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.... (iv) such loss cannot be carried forward unless the return is filed within the time limit of section 139(1). 5.7.3. As per the provisions sec. 72 of the Income Tax Act, the carried forward and set off of loss arising in a business is subject to the following restrictions (i) the business loss can be carried forward and set off against the profits of any business in a subsequent year (ii) loss cannot be carried forward for more than 8 assessment years. The time limit of 8 years is not applicable in the case of unabsorbed depreciation allowance, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on family planning (iii) such loss cannot be carried forward unless the r....
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....unkar Ltd. & Anr. v. K.S. Pathania, DCIT & Anr. (1992) 196 ITR 55 (Bom HC) * ACIT v. Som Distilleries & Breweries Limited (ITA No. 248/Ind/2012 dated 13 July 2017). 4.1. The relevant extract of first provision to section 143 (1) is reproduced for ready reference as under: 143. [(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, such return shall be processed in the following manner, namely:- (a) the total income or loss shall be computed after making the following adjustments, namely:- (i) any arithmetical error in the return; 22***] (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return;....
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....eived within 30 days from the issue of such intimation or notice. Accordingly, the Ld. Department Representative was asked to file copy of any notice or intimation issued by the Assessing Officer prior to adjustment to the amount of carry forward of loss by the assessee. The Ld. DR expressed his inability in producing the said record. We also note that the Ld. CIT(A) has also not adjudicated issue raised by the assessee in the appeal. From para seven of the written submission of the assessee also we find that this case was subsequently selected for scrutiny and order under section 143 (3) of the Act has been passed. The Ld. Counsel of the assessee has apprised as of the fact that the Assessing Officer has till date not responded to the rect....