TMI Blog2022 (12) TMI 1481X X X X Extracts X X X X X X X X Extracts X X X X ..... :- 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 deal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning to A.Y. 2014-15. 2. The grievance of the assessee read as under :- 1. That the learned Commissioner of Income Tax (Appeals) erred in law as well as on facts while not permitting the assessee to carry forward accumulated business losses of the earlier years. 2. That the learned Commissioner of Income Tax (Appeals) erred in law as well as on facts while not permitting the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit for TDS, advance tax and regular taxes paid after verification. Interest u/s.234A, B, C, D is being charged, as applicable. Issue Demand notice u/s. 156 of the I. T. Act 1961 alongwith challan. Issue penalty notice u/s. 271 (1) (c) separately. 4. Before us the Counsel for the assessee vehemently stated that the correct year for consideration of the issue of eligibility of set off bro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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. For this prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. In the light of aforementioned discussion and respectfully following the ratio laid down by the Hon ble Supreme Court in the case of Manmohan Das (supra). We have no hesitation in directing the AO to expunge the concluding remark brought forward loss is not allowed to be carry forward as per para 3,4 and 5 . 8. In the result, the appeal of the assessee is allowed. Order pronounced in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
