TaxTMI 
TaxTMI 
2026 (2) TMI 623
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....of the Income-tax Act, 1961 [hereinafter referred to as "the Act" for short], for Assessment Year (AY) 2015-16. 2. The assessee has raised following grounds:- "1. The learned CIT(A) has erred in law and on facts of the case in confirming the order passed by learned AO u/s 154 of the Act for not allowing set off of brought forwards business loss of Rs. 1,50,21,12,383/-. 2. The Learned CIT(A) and Learned AO has erred in law and on facts in confirming the action of Learned AO of rejecting the application u/s 154 of the Act and ignoring the fact that such loss has already been allowed vide order u/s 154 dated 30.08.2017. 3. Both the lower authorities have passed the orders without properly appreciating the facts an....
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....peal Effect Order Date Amount 2011-12 Unabsorbed Depreciation 07.10.2015 5,02,52,912 2012-13 Unabsorbed Depreciation 20.04.2017 6,75,07,378 2013-14 Unabsorbed Depreciation 21.07.2017 84,21,34,563 2014-15 Unabsorbed Depreciation 21.07.2017 54,22,17,530 Total 1,50,21,12,383 Less: Above unabsorbed business losses and unabsorbed depreciation adjusted in AY 2015-16 Order u/s 154 dated 30.08.2017 -1,50,21,12,383 4. The assessee company filed an application u/s. 154 on 24-07-2017 requesting the Assessing Officer to rectify Order u/s. 143(1) dated 04-11-2016 and allow the set-off of unabsorbed depreciation and brought forward business loss of Rs. 150,21,12,3....
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....24. 7. Later, rectification applications had been filed on 25-03-2024 and 18-11- 2024 requesting the AO to rectify Order u/s. 153C dated 25-01-2024 and allow unabsorbed depreciation and determined brought forward business loss Rs. 150,21,12,383/-. The request of the assessee company has been rejected, as per Order dated 25-11-2024. The rejection of the rectification application by the Assessing Officer is on the ground that assessee had not made the claim of brought forward business loss and unabsorbed depreciation in the return filed u/s. 153C and no new claim could be made before the Assessing Officer except by filing revised return of income following the decision of Supreme Court in the case of Goetz India Ltd 284 ITR 323 (SC) and fu....
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....reviewed CIT(A)'s Order and ITAT Orders, but also not considered genuine brought forward losses assessed and determined as per his own records of income-tax. (v) The Assessing Officer has merely reviewed his predecessor's order dated 30-08-2017 and disallowed the claim of brought forward business loss and unabsorbed depreciation. (vi) The only ground of rejection of assessee company's request for adjustment of unabsorbed depreciation and brought forward loss in the order dated 25-11-2024 is that the assessee company had not made this claim in the original return of income filed u/s. 139(1) on 27-11-2015 as well as in the return filed u/s: 153C on 29-06-2022 and in view of decision of Supreme Court in the case o....
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....ik Society, Navrangpura Ahmedabad Status Company PAN AAACG5609C Assessment Year 2015-16 Date of order 30.08.2017 30.08.2017 The assessee company vide its rectification application dated 24/07/2017 had brought to notice that while passing order u/s 250 of the I.T. Act for A.Y. 2014-15 on 21/07/2015, consequential effect of the said order for A.Y. 2015-16 in respect of unabsorbed Depreciation and brought forward business loss has not been given till date. 2. On verification of the records, the above contention put forth by the assessee is found to be true and apparent on records. Therefore, the consequential effect for unabsorbed depreciation and brought forward business loss of Rs. 150,21,12,383/- for A.Y. 2014-15 is rec....