2024 (3) TMI 92

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....nt : Shri Sandip Kumar Mishra, Sr. DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.3043/Del/2018 for AY 2010-11, arises out of the order of the Commissioner of Income Tax (Appeals)-42, New Delhi [hereinafter referred to as 'ld. CIT(A)', in short] in Appeal No. 145/17-18/CIT(A)-42 dated 19.03.2018 against the order of assessment passed u/s 143(3)/147 of the Income-tax Act, 1961 ....

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.....10.2010 declaring total income of Rs 95,58,284/- after setting off the brought forward business loss of Rs 12,53,378/- of Asst Year 2005-06. Admittedly, the Tax Auditor had not reported any set off of brought forward loss of earlier year in his Tax Audit Report. However, this figure of Rs 12,53,378/- was duly mentioned in the relevant column in the Income Tax Return by the assessee for the purpos....

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.... Particular Amount (Rs.) C/F Balance A Assessed loss in the A.Y 2004-05 14,08,244/- 14,08,244/- B Assessed loss in the A.Y 2005-06 32,34,224/- 46,42,468/- C Loss set off against A.Y 2006-07 profit 27,76,621/- 18,65,847/- D Loss set off against A.Y 2007-08 profit 6,12,465/- 12,53,378/- E Loss set off against A.Y 2008-09 & 2009-10 profit ....

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....would not be eligible to be set off with the business income of Asst Year 2010-11. This action of the ld. AO was upheld by the ld. CIT(A) for the same reasoning. 5. From the above, it is evident that the assessee had indeed had assessed business loss of Rs 12,53,378/- in Asst Year 2005-06. This loss was admittedly not set off with the business income by the assessee in Asst Years 2008-09 and 20....