9911796707
TMI Blog2012 (9) TMI 361X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961 (hereinafter referred to as ' the Act ') for the assessment year 2007-08 vide his order dated 31.12.2009. 2. The only issue in this appeal of assessee is against the order of ld. CIT(Appeals) in upholding the action of Assessing Officer making disallowance of brought forward loss of Rs.27,08,66,836/- by way of rectification under sect ion 154 of the Act vide order dated 25.06.2010. The assessee has raised following four grounds: - (1) The order passed by the learned Assessing Officer and the Commissioner of Income Tax (Appeals) are arbitrary, without proper reasons and otherwise bad in law. . (2) On the fact and circumstances of the case, the ld. Commissioner of Income Tax (Appeals) erred in upholding that the assessed los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year 1998-99 on 28.03.2001 at 'NIL' income and thereby disallowing loss. The loss was allowed by ld. CIT(Appeals) vide order No. 60/C.C. -IV/CIT(A)/C-1/01-02 dated 30.01.2008 whereby loss was determined at Rs.27,08,66,836/-. The assessee received this appellate order on 17.03.2008. For the relevant assessment year 2007-08, the Assessing Officer vide his order under sect ion 143(3) dated 31.12.2009 allowed adjustment of the carried forward loss allowed by the ld. CIT(Appeals) in assessment year 1998- 99 to be carried forward for an amount of Rs.27,08,66,836/-. The Assessing Officer while giving appeal effect to the order of ld. CIT(Appeals) vide No. 278/CC-IV/CIT(A)/C-1/09-10 dated 06.03.2011 passed an order under section 251/143(3) d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT, Central Circle-IV, Kolkata under section 143(3)/251/154 of the Act dated 25.06.2010, assessee filed an appeal before ld. CIT(Appeals), who also confirmed the action of the Assessing Officer by observing as under : - "11. To sum up, the original order u/s.143(3) dated 28.03.2001 for the assessment year 1998-99 determining nil total income was received by the assessee company on 30.03.2001. The assessee company fi led appeal to Commissioner of Income Tax (Appeals), Centralk-1 on 26.04.2001 but the appeal order was passed on 30.02.2008 and the order was received on 17.03.2008 after the lapse of about eight years for no fault of the assessee company and as such there will be gross violation of law justice, i f los s of Rs.33,52,10,914.00 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent order, i.e. the appeal effect order passed under section 251/143(3) of the Act. Admittedly, this is a mistake apparent from record as this business loss determined in assessment year 1998-99 cannot be carried forward for the assessment year 2007-08. Now the question arises whether rectification carried out under section 154 of the Act by the Assessing Officer is within the limitation period of four years. The original assessment was framed under section 143(3) for the assessment year 2007-08 on 31.12.2009 and the appeal effect order was passed under section 251/143(3) of the Act on 11.06.2010. Here in the present case, we cannot go by the argument of the ld. counsel for the assessee that the Assessing Officer should have rectified the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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