Revision petition u/s. 264 - disallowance of carry forward of ...

CIT Orders AO to Accept Original Tax Return, Allows Carry Forward of Losses u/s 264.

June 8, 2021

Case Laws Income Tax AT

Revision petition u/s. 264 - disallowance of carry forward of loss to subsequent years - CIT while disposing of the 264 petition of the assessee, had clearly directed the ld. AO to treat the return filed by the assessee originally as a valid return - AO while giving effect to the proceedings of the ld. CIT should not have travelled beyond the directions given by the ld. CIT. The ld. AO should have simply treated the return filed by the assessee originally and accepted the same without resorting to make any disallowances thereon. - AT

View Source

← Previous Next →

Revision petition u/s. 264 - disallowance of carry forward of ...

CIT Orders AO to Accept Original Tax Return, Allows Carry Forward of Losses u/s 264.

June 8, 2021

Case Laws Income Tax AT

You may also like:

The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

Claiming carry forward of loss at a higher level - Revised return - Since the assessee furnished the revised return within the stipulated period claiming loss at a...

Denial of carry forward of long term capital loss - When the he taxed the difference in amount under short term capital gain and also disallowed short term capital loss...

Determining the business loss by allowing carried forward loss - return is filed beyond the due date prescribed u/s 139(1) - AO has correctly held that business loss is...

Carry forward of business loss - original return was filed u/s 139(1) within time declaring positive income - later revised return u/s 139(5) filing declaring loss - On...

Relief to start-ups in carrying forward and setting off of losses - Relaxation in 51% holding of shares for the purpose of carry forward of losses of eligible star-up...

CIRP - Carry forward of losses - The benefit of carry forward of losses can be availed by the Appellant subject of opportunity to be given to Income Tax Authority to...

Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

Revised return of loss/unabsorbed depreciation – even if the assessee has not filed revised return, AO is bound to allow carried forward loss or depreciation as per the record - AT

Carried forward of loss determined under section 74 read with section 80 - long-term capital loss - As the assessee filed its original return declaring the positive...

Section 264 revision application concerning long-term capital gain (LTCG) on extinguishment of shares due to loss arising from NCLT order. Petitioner's claim for loss on...

Loss on sale of depreciable assets - CIT(A) rejected the claim - non-filing of the return of income by due date can be basis for denial of claim for carry forward of...

Carry forward the loss claimed in the revised return of income - the return filed by the assessee u/s. 139(5) of the Act is in accordance with law and therefore the...

Assessment u/s 153A - Carry forward of business loss - 153A return is deemed to be return u/s 139(1) and that restrictive provisions of section 80 do not apply to this...

Assessment u/s 153A - belated return in response to notice u/s 153A - denying carry-forward of loss - it is undisputed that no assessment was pending as on the date of...

Quick Updates: