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2012 (5) TMI 443 - AT - Income TaxSet Off of Losses - rectification application u/s 154 seeking set off of brought forward loss and carry forward of the balance loss rejected stating that set off of losses cannot be a matter of rectification - in electronic processing of e-return filed by assessee, loss set off was shown at Zero - Held that:- Copy of return as well as the processing done by the CPC clearly shows that the assessee had claimed set off of losses amounting to Rs. 9.53 crores out of total carry forwarded losses of Rs.12.43 crores. Further the assessee had also filed the copy of return for earlier years which shows that the losses were returned in those years. Once the losses have bee claimed the same were required to be allowed as set off after verification that such losses were determined losses - Decided in favor of assessee. AO and appellate authority passed orders while performing their duty, therefore, this is not a fit case for levy of cost.
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