Carry forward loss allowed under s.72, subject to affidavit and eight-year limit starting from AY 2016-17

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....ITAT set aside the impugned order and allowed the assessee's claim, subject to conditions. Noting that there were losses in both relevant years, ITAT directed that the assessee shall furnish an affidavit-cum-declaration undertaking to reckon the statutory period of eight years for carry forward of loss from AY 2016-17 only, foregoing any additional year. This affidavit-cum-declaration must be filed before the AO and reflected on the CPC portal within 30 days from receipt of the order. ITAT clarified that this direction aims to avoid distortion in future tax computation while respecting the principle of matching income and expenditure. Upon the assessee's compliance with these directions and other provisions of the Act, the AO is directed to delete the impugned addition/disallowance.....