TaxTMI 
TaxTMI 
2026 (7) TMI 1216
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....Ground 1. The learned Assessing Officer has erred in law and on facts in recording that the return of income for Assessment Year 2020-21 was not filed by the Appellant, whereas the return of income for the said assessment year was duly filed by the Appellant. 2) Ground 2. The learned assessing officer erred in disallowing entire brought forward losses of Rs. 6,04,94,915 instead of restricting the disallowance, if any, only to the loss pertaining to Assessment Year 2019-20 i.e. 4,88,75,208 as the loss of AY 20-21 and AY 21-22 has been correctly disclosed and brought forward. 3) Ground 3. The learned assessing officer erred in considering the fact that the return of income of AY 19-20 was filed before due date correctly disc....
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.... total income of Rs. 12,54,49,410/-. In the return so filed, the Assessee offered capital gains to tax after setting off brought forward losses pertaining to Assessment Years 2019-20, 2020-21 and 2021-22. The return of income was selected for scrutiny and notices were issued u/s. 143(2) and 142(1) of the Act were duly served upon the Assessee. In response thereto, the Assessee furnished the requisite details and information called for by the Ld. AO. 2.1. Upon examination of the details furnished by the assessee, the Ld. AO observed that the assessee had claimed set-off of brought forward capital losses amounting to Rs. 6,04,94,915/- against the capital gains earned during the year under consideration. The said losses comprised short-term....
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....r A.Ys. 2021-22 and 2022-23. The Ld.AO, however, after considering the submissions of the assessee, observed and held as under: "6. The submissions filed by the assessee company have been perused but not found to be tenable. The assessee has submitted that it has not carried forward the loss pertaining to AY 2019-20 in the return filed for AY 2020-21. The assessee has submitted that it has inadvertently missed to carry forward the loss and that the same should be allowed to be set-off against the taxable income offered during the year under consideration. 7. The claim of carry forward of loss has to be made in the return of income under schedule CFL. The schedule shows the 'Total loss Carried forward to future years'. In t....
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.... However, the DRP, after considering the submissions of the assessee, upheld the proposed variation made in the draft assessment order. Pursuant to the directions of the DRP, the Ld. AO passed the impugned assessment order and disallowed the claim of set-off of brought forward losses amounting to Rs. 6,04,94,915/-. Aggrieved by the impugned order passed by the Ld. AO, the assessee is in appeal before this Tribunal. 4. Before us, the Ld. AR submitted that the return of income for A.Y. 2019-20 was filed within the due date prescribed under section 139(1) of the Act and the losses sought to be carried forward were duly disclosed therein. Accordingly, the statutory conditions prescribed for carry forward of losses stood satisfied. It was ....
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.... perused the submissions advanced by both sides in light of the records placed before this Tribunal. 5. The assessee has filed the following statement showing the brought forward and set-off of short-term capital loss and long-term capital loss for the relevant assessment years:- AY Short Term Capital Gain / (Loss) Long Term Capital Gain / (Loss) Short Term Capital Gain / (Loss) - C/fd Long Term Capital Gain / (Loss) - C/fd Date of Return Filing Due Date of Return Filing 2019-2020 (3,57,65,841) (1,31,09,367) (3,57,65,841) (1,31,09,367) 23-10-2019 31-10-2019 2020-2021 (1,36,24,889) 1,09,16,299 (27,08,590) 21-12-2020 15-02-2021 2021-2022 (1,32,47,310) 18,04,355 ....
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....d specified under the Act in terms of sections 72(1), 73(2), 73A(2), 74(1)/(3) and 74A(3) read with section 80 of the Act. 5.2. In terms of the aforesaid provisions, losses are required to be determined where the return of income is filed within the prescribed due date. Once such losses are determined, the assessee becomes entitled to carry forward the same and claim set-off against the income of subsequent years. In the present case, it is undisputed that the short-term capital loss and long-term capital loss for A.Y. 2019-20 were accepted by the Ld. AO pursuant to the return of income filed by the assessee. Accordingly, in terms of section 80 of the Act, the assessee is entitled to carry forward such losses and set off the same against....