TMI Blog2024 (1) TMI 857X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) by recording wrong date of filing of the return by the assessee i.e. 20/02/2020 , for AY 2019-20 erroneously held that the assessee had filed the return belatedly, which ultimately resulted in not allowing the loss claimed by the assessee for Assessment Year 2019-20. Considering all we are of the opinion that the Ld. CIT(A) has committed error in not allowing the carry forward of losses accordingly, we direct the A.O. to allow the assessee to carry forward the loss for the Assessment Year 2019-20 as claimed by the assessee. Appeal of assessee allowed. - Shri N.K. Billaiya, Accountant Member And Shri Yogesh Kumar U.S., Judicial Member For the Appellant : Sh. Salil Kapoor, Adv. Ms. Ananya Kapoor, Adv. Sh. Utkarsa Gupta, Adv. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid grounds are mutually exclusive and without prejudice to each other. 3. Brief facts of the case as mentioned in the order of the CIT(A) are that, the assessee filed return of income on 04/02/2021 declaring loss of Rs. 1,02,54,38,755/- claiming tax refund of Rs. 26,102/-. The return of income field by the assessee was processed u/s 143(1) of the Act and in intimation dated 07/09/2021 was issued by making certain adjustments and also not granted carry forward of current year s and brought forward loss of Rs. 1,26,29,71,402/-. Aggrieved by the said intimation dated 07/09/2021, the assessee preferred an Appeal before the NFAC (CIT(A), the Ld. CIT(A) affirmed the said disallowance made by the A.O. vide order dated 21/12/2022. Aggrieved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 26/09/2018, which was within the due date for filing the return of income, therefore, the said loss of Rs. 1,50,140/- for Assessment Year 2018-19 was allowed to be carry forwarded. For the Assessment Year 2019-20, the amount of loss to be carry forwarded was Rs. 23,73,82,507/-. For the Assessment Year 2019-20, the return was filed on 20/02/2020 and in the year under consideration, due to pandemic the due date for filing the return was extended up to 30/09/2020. Thus, the assessee was eligible for loss to be carry forwarded and set off in the subsequent Assessment Years. But the A.O. has not allowed to carry forward the said loss. During the First Appellate Proceedings after taking into consideration of the assessee s contentions the Ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the future years. In view of the above facts and circumstances, the loss claimed by the appellant for the Asst Year 2019-20 amounting to Rs. 23,73,82,507 cannot be allowed to be carried forward to subsequent years and appellant fails on this ground. 7. The Ld. Counsel has taken us through the original return filed for the Assessment Year 2019-20 dated 26/11/2019 which depicts that, the assessee has filed the return well within the time limit specified under Explanation 2 to Section 139(1) of the Act which is 26/11/2019. The Ld. CIT(A) by recording wrong date of filing of the return by the assessee i.e. 20/02/2020 , for AY 2019-20 erroneously held that the assessee had filed the return belatedly, which ultimately resulted in not allowi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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