ITAT determined that an LLP partner voluntarily opting for ...

Voluntary LLP Account Audit Under Rule 24(8) Does Not Impact Loss Carry-Forward Rights When Return Filed Timely

April 25, 2025

Case Laws Income Tax AT

ITAT determined that an LLP partner voluntarily opting for account audit under second proviso to Rule 24(8) triggers mandatory audit requirement. The tribunal held that since return was filed on 17.09.2019, which is within the prescribed due date of 30.09.2019 under Section 139(1), the assessee satisfies statutory conditions. Consequently, the LLP is eligible to carry forward business losses as per Section 139(3), and the assessee's appeal was allowed, establishing that voluntary audit election does not prejudice loss carry-forward rights when timely return filing occurs.

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ITAT determined that an LLP partner voluntarily opting for ...

Voluntary LLP Account Audit Under Rule 24(8) Does Not Impact Loss Carry-Forward Rights When Return Filed Timely

April 25, 2025

Case Laws Income Tax AT

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