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Court Allows Set-off of Unabsorbed Business Losses Against Income Declared Late u/s 139(3); Revenue Appeal Dismissed.

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....Settlement of case - Set off the unabsorbed business loss - filing of belated return - Indeed, the assessee disclosed the income declared in the settlement commission but has given the set off of the brought forward losses/unabsorbed depreciation against such income which eventually make the taxable income at Rs. Nil. - there is no prohibition to adjust the brought forward losses against the income declared belatedly in the return of income under the provision of section 139(3) - Revenue appeal dismissed - AT....

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Court Allows Set-off of Unabsorbed Business Losses Against Income Declared Late u/s 139(3); Revenue Appeal Dismissed.