9911796707
TMI Blog2024 (12) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... y the CPC, Bengaluru. 2. The grounds of appeal raised by the assessee are reproduced as under: "1. That on the facts and in the circumstances of the case and in law, the Learned Additional/Joint Commissioner of Income Tax (Appeals) (hereinafter referred to as the 'Ld. ADDL/JCIT(A)] erred in confirming the action of the AO-CPC in determining the total income at Rs. 43,88,083/- and the tax payable at Rs. 5,90,450/- without setting off losses pertaining to the earlier years amounting to Rs. 19,88,363/- 2. That on the facts and in the circumstances of the case and in law, the Ld. ADDL/JCIT(A) erred in confirming the action of the AO-CPC in determining the total income at Rs. 43,88,083/-without setting off losses pertaining to the earli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness or Profession during the financial year 2022-23. The assessee filed its original return of income for Asst Year 2023-24 on 13th October 2023 showing total income of Rs. 23,99,720 after adjustment of brought forward business Loss amounting to Rs. 19,88,363 in the aggregate. The return was revised on 24/11/2023, after some minor correction, but without changing the total income. The aforesaid brought forward losses pertained to AYs 2021-22 and 2022-23 for Rs. 16,44,243 and Rs. 3,44,120 respectively and both the returns had been filed on 31.12.2021 and 23.09.2022 respectively, which were within the due date/extended due date for the Assessment Years concerned. While processing the revised return for the A.Y. 2023-24 of the assessee under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l./Jt. CIT(A), the assessee has filed the appeal before the Tribunal. 4. We have heard the rival contentions and perused the materials available on record. The Ld. Addl./Jt. CIT(A) has noted that the returns for A.Ys. 2021-22 and 2022-23, were filed on 31.12.2021 and 23.09.2022 respectively, which were within the due date/ extended due date for the assessment years concerned. It was brought to our knowledge that Section 80 prohibits only the carry forward and set off of loss which has not been determined in pursuance of return filed in accordance with the provisions of sub-section (3) of section 139 of the Act. The assessee contends that the returns for A.Ys. 2021-22 and 2022-23 were filed within the due dates and merely because the return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specified u/s 139(3) of the Act, the assessee was entitled to set off the brought forward loss in A.Y. 2023-24, even if the return for A.Y. 2023-24 has been filed u/s 139(4) of the Act. Accordingly, the Ld. AO is directed to verify the date of filing of return of A.Y. 2021-22 and in case, this return also has been filed within the due date specified u/s 139(3) of the Act, allow the set off of brought forward losses for both the assessment years against the income of A.Y. 2023-24. Ground nos. 1, 2 & 3 are allowed, subject to the verification of the date of filing of return of A.Y. 2021-22 and the same being within the due date specified u/s 139(3) of the Act. 6. Ground no.4, relating to the charging of interest u/s 234B and 234C of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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