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2012 (9) TMI 361 - ITAT, KOLKATARectification u/s 154 - dis-allowance of adjustment of brought forward loss of AY 1998-99 against profit for the AY 2007-08 on the ground that eight AYs have been passed - original assessment order passed u/s 143(3) allowed b/f business loss for AY 1998-99 to be c/f and same was also allowed to be carried forward in appeal effect order dated 11.06.2010 u/s 251/143(3) - Held that:- Admittedly, this is a mistake apparent from record as this business loss determined in AY 1998-99 can be carried forward till 2006-07 and not in the relevant AY 2007-08. On limitation period of four years for rectification u/s 154 it is observed that original assessment was framed u/s 143(3) for the AY 2007-08 on 31.12.2009 and the appeal effect order was passed u/s 251/143(3) on 11.06.2010, hence within time limit. In view of aforesaid, it is held that AO has rightly rectified the mistake, which is apparent from the records that this loss cannot be carried forward in AY 2007-08 - Decided against assessee.
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