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2022 (12) TMI 1481 - AT - Income TaxCarry forward accumulated business losses of the earlier years - correct year for consideration of the issue of eligibility of set off brought forward business loss against business income - HELD THAT:- The undisputed fact is that while concluding assessment the AO declared that the loss computed is not allowed to be carried forward. In our considered opinion all that the AO is required is to notify the assessee the amount of loss as computed by him. Whether the loss in any year may be carried forward to the following year and set off against the profits has to be determined by the AO who deals with the assessment of the subsequent year. It is for the ITO dealing with the assessment in the subsequent year to determine whether the loss of the previous year may be set off against the profits of that year. As relying on the case of Manmohan Das [1965 (11) TMI 33 - SUPREME COURT] no hesitation in directing the AO to expunge the concluding remark “brought forward loss is not allowed to be carry forward”. Appeal of the assessee is allowed.
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