9911796707
TMI Blog2024 (8) TMI 1319X X X X Extracts X X X X X X X X Extracts X X X X ..... PCIT erred in assuming jurisdiction u/s 263 of the Act and further erred in holding that the assessment order dated 23/04/2021 framed u/s 143(3) r.w.s. 144B of the Act is erroneous and prejudicial to the interest of the revenue. 3. Representatives of both the sides were heard at length. Case records carefully perused. 4. Briefly stated the facts of the case are that, the assessee electronically filed its revised return of income on 30/03/2019 declaring loss of Rs. 7,57,49,062/- as the original return was filed on 30/11/2018. The return was selected for scrutiny assessment and accordingly, statutory notices were issued and served upon the assessee. The assessment was completed vide order dt. 23/04/2021. 4.1. Assuming powers conferred upo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee was 30.10.2018 and not 30.11.2018. Hence, in view of the provisions of Section 139 r.w.s 71 and 73A of the Income Tax Act, 1961, the carry forward of loss of Rs. 7,57,49,062/- to subsequent year is not allowable. In the Assessment Order u/s. 143(3) r.w.s 144B of the IT Act dated 23.04.2021, the Assessing Officer allowed the carry forward loss of Rs. 7,57,49,062/- despite the fact that the original return of income for the year under consideration was filed beyond the due date for filing return of income. 3. In view of the aforesaid reasons, it is seen that the Assessment Order dated 23.04.2023 passed is erroneous in so far as it is prejudicial to the interest of the revenue. Therefore, I, the Pr. Commissioner of Income-tax -4, Mumbai, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would not have changed the colour of the mandatory provisions of the Act as mentioned elsewhere. As per the provisions of Section 92E of the Act, since the assessee has entered into an international transaction it obtained the report from an accountant in Form 3CEB and furnished the same and since the AO was about to refer the matter to the TPO, it shows that there was an international transaction and, therefore, the due date for the assessee for filing the return of income was 30th November. 6.1. The assessee has simply carried forward losses and the apprehension of the PCIT are premature as the same will be considered only when the assessee claims set off of brought forward losses which will happen in the subsequent AYs as and when the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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