9911796707
TMI Blog2024 (12) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... aw. There is no requirement in section 80 of the Act that for setting off losses of the earlier years, the return for the assessment year in which the loss is to be set off has to be filed within the due date specified u/s 139(3) of the Act. Accordingly, if the returns for A.Ys. 2021-22 and 2022-23, were filed within the due date 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. 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 assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tances 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 earlier years on the alleged ground that the appellant company had not filed return of income within the due date or extended due date for the assessment year 2023-24without appreciating that the date of filing of return of income for the assessment year 2023-24was irrelevant for setting off losses pertaining to the earlier years. 3. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Section 143(1) of the I.T. Act, 1961 on 22/12/2023, the Ld. AO did not consider the brought forward business losses of Rs. 19,88,363 without giving any reason thereof. Aggrieved with the said intimation, the assessee filed an appeal before the Ld. Addl./Joint CIT(A), who noted in Para 3.1 of his order that the brought forward losses pertained to A.Y. 2021-22 and A.Y. 2022-23 for Rs. 16,44,243 and Rs. 3,44,120 respectively and both the returns had been filed within the extended due date. The Ld. AO also noted that the return for A.Y. 2023-24 had not been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 for A.Y. 2023-24 and the revised return were filed on 13.10.2023 and 24.11.2023 respectively, which according to the Ld. Addl./Jt. CIT(A) were not filed within due date, the brought forward losses could not be disallowed from being set off as for setting off the brought forward loss, there is no requirement of filing the return within the due date and the claim could be allowed even in the case of a return filed within the extended period. The Ld. DR did not oppose the claim that even if the date of filing is 24.11.2023 for the revised return, the brought ..... X X X X Extracts X X X X X X X X Extracts X X X X
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