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2022 (12) TMI 1155 - AT - Income TaxAdjustment u/s 143(1) - Set off of brought forward long term capital loss - HELD THAT:- We find that, as evident from a copy of the income tax return for the assessment year 2010-11 that the assessee had duly filed the income tax return, for the assessment year 2010-11, well within the time permitted u/s. 139 (i) i.e. on 31st July 2011. In this view of the matter, the very foundation of impugned adjustment under section 143(1) is wholly unsustainable in law. We, therefore, vacate the impugned action of the AO to allow the set off of loss brought forward from the assessment year 2010-11. The assessee, accordingly, get the relief for set off of long term capital loss. Assessee appeal allowed.
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