Taxpayer Allowed to Set Off Carried Forward Losses Against Current Year Profits Under Section 80

The ITAT ruled that the assessee is entitled to set off brought forward losses from AYs 2012-13 and 2013-14 against profits earned in AY 2017-18. The Tribunal clarified that Section 80 permits carry forward and set off of losses when returns were filed within the due date and losses were properly determined by the AO, which was satisfied in this case. The ITAT set aside the lower authorities' orders and remanded the matter to the AO to rectify calculation errors and quantify the exact amount of losses after adjusting profits earned in subsequent years before granting the appropriate set off. .....

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