2024 (8) TMI 1319

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....PCIT erred in assuming jurisdiction u/s 263 of the Act and further erred in holding that the assessment order dated 23/04/2021 framed u/s 143(3) r.w.s. 144B of the Act is erroneous and prejudicial to the interest of the revenue. 3. Representatives of both the sides were heard at length. Case records carefully perused. 4. Briefly stated the facts of the case are that, the assessee electronically filed its revised return of income on 30/03/2019 declaring loss of Rs. 7,57,49,062/- as the original return was filed on 30/11/2018. The return was selected for scrutiny assessment and accordingly, statutory notices were issued and served upon the assessee. The assessment was completed vide order dt. 23/04/2021. 4.1. Assuming powers conferred upon....

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....e was 30.10.2018 and not 30.11.2018. Hence, in view of the provisions of Section 139 r.w.s 71 and 73A of the Income Tax Act, 1961, the carry forward of loss of Rs. 7,57,49,062/- to subsequent year is not allowable. In the Assessment Order u/s. 143(3) r.w.s 144B of the IT Act dated 23.04.2021, the Assessing Officer allowed the carry forward loss of Rs. 7,57,49,062/- despite the fact that the original return of income for the year under consideration was filed beyond the due date for filing return of income. 3. In view of the aforesaid reasons, it is seen that the Assessment Order dated 23.04.2023 passed is erroneous in so far as it is prejudicial to the interest of the revenue. Therefore, I, the Pr. Commissioner of Income-tax -4, Mumbai, i....