2025 (3) TMI 2067

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.... For the Assessee : Shri S.K. Chaturvedi, CA ORDER PER MAHAVIR SINGH, VP : This appeal filed by the Revenue is directed against the order dated 07.08.2024 of the Ld. CIT(A)/NFAC, New Delhi relating to assessment year 2022-23. The only issue in this appeal of the Revenue is relating to allowing the set off of brought forward losses for AY 2021-22 amounting to Rs. 10,00,22,035/- against th....

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....so included the depreciation loss and business loss. The assessee is eligible to carry forward the business loss for 8 years other than unabsorbed depreciation. However, carry forward of business loss is only allowable if the assessee filed the ROI within the due date as specified u/s. 139(1) r.w.s 139(3). In the instant case, the assessee being a company, the due date for filing ROI is 31.10.2021....

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.... "I have considered the assessment order and the material on record. In the instant case, for the current AY, the AO rejected the books of accounts and denied the benefit of carry forward loss to the assessee. However, for the AY 2021-22, appeal has been allowed by the Ld. CIT(A) restoring the book loss as arrived by the assessee. Further, the assessee was also eligible to carry forward loss b....

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....enefit of carry forward loss to the assessee. However, for the AY 2021-22, appeal has been allowed by the Ld. CIT(A) restoring the book loss as arrived by the assessee. Further, the assessee was also eligible to carry forward loss because of the CBDT's extended time lines of due date from 31st October, 2021 to 15th February, 2022 for the concerned AY 2021-22. Since, the assessee filed ROI on 1....