2024 (1) TMI 162

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....spondent Through: Dr Shashwat Bajpai and Mr Saransh Bhardwaj, Advs. RAJIV SHAKDHER, J. (ORAL): CM APPL. 67282/2023 [Application is filed on behalf of the appellant/revenue seeking condonation of delay in re-filing the appeal] 1. This is an application moved on behalf of the appellant/revenue seeking condonation of delay in re-filing the appeal. 1.1 According to the appellant/ revenue, there....

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....the assessment order dated 09.12.2019 framed by the Assessing Officer (AO) under Section 143(3) of the Act. 9. The CIT(A)'s view is that the loss claimed by the respondent/assessee upon transfer of shares concerning Indian entities was both erroneous and prejudicial to the interest of revenue. 10. The record shows that in the notes of accounts appended to the balance sheet as on 31.03.2017, the ....

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....red upon transfer of the shares of the Indian entities. 12. Dr Shashwat Bajpai, learned counsel, says that he has instruction to convey to the court that the said loss amounting to Rs. 62,85,40,289/- will not be carried forward. 13. It is, therefore, the submission of Dr Shashwat Bajpai that in these circumstances, no prejudice can be caused to the revenue. 14. Concededly, for invoking powers u....