2023 (8) TMI 153

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....ent : Shri Ganesh R. Ghale, Standing Counsel ORDER This appeal is filed by the assessee against the DIN & Order No.ITBA/NFAC/S/250/2023-24/1052363546(1) dated 26.04.2023 of the CIT(Appeals), National Faceless Appeal Centre, Delhi [NFAC], for the AY 2020-21. 2. The brief facts of the case is that the assessee filed return of income on 09.02.2021 reporting loss of Rs. 49,02,660 under the he....

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....ation dated 22.12.2021 u/s. 154. Also, aggrieved by the rectification order dated 03.12.2021, the assessee filed appeal before the CIT(Appeals) on 11.02.2022. The ld. CIT(Appeals) dismissed the appeal of the assessee as infructuous by observing as under:- "I have perused the matter. In view of the above facts, the present appeal against the order becomes infructuous and the same is accord....

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....t setting off of business loss from the capital gain is optional to the assessee and not mandatory to set off in the same year under the inter head adjustments, which the CPC has set off. Therefore the same position as in intimation order is maintained in the second rectification order dated 16.02.2022. The CIT(Appeals) has however observed that in view of the second rectification order dated 16.0....

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....as delay in filing the appeal before the CIT(Appeals). I note that the appeal was filed before the CIT(Appeals) on 11.02.2022. The Hon'ble Supreme Court In Re Cognizance for Extension [2022] 134 taxmann.com 307 (SC) on account of COVID-19, has held that in computing period of limitation, period from 15.3.2020 to 28.2.2022 shall stand excluded and in cases where limitation would have expired during....