Assessing order - Loss brought forward

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..... Assessing order - Loss brought forward
Query (Issue) Started By: - IDPLUIL GROUP Dated:- 16-12-2008 Last Reply Date:- 22-12-2008 Income Tax
Got 2 Replies
Income Tax
can the assesing officer pass the AO for the current AY without considering the loss brought forward from Previous years. Reply By DEV KUMAR KOTHARI: The Reply: Legally and correctly not. But as per practice many times A. .....

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..... O. passs order without setting off poast losses and raises demands. Then the assessee has to get it rectified by the A.O. or through directions in appeal / revision orders. That is the practical aspect. Professionals shlud be thankful for wrong doings of the government officers becasue a major part of professionals assignments areises only becasue of wrong orders passed by authorities. If they wo .....

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..... rk fully as per law, the professional assignments shall be reduced considerabley. But the question is how long brain drain shall continue due to whims, moods and wrong practices of government officers. The concerned ministried should issue such directions and make law that for wrong done by officers they are penaluised and made accountable. Reply By Rimpy Bansal: The Reply: Assessee can claim t .....

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..... he carry forward losses of past years. AO can not pass the assessment order without allowing the loss of previous years.As per section 157 of Income tax Act , AO should intimate the assessee about the carrying forward of losses. It is not mandatory, but assessee can claim the carry forward of loss of previous years.
Discussion Forum - Knowledge Sharing .....

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