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TMI BlogLegal Challenge Succeeds: Dispute Settlement Allowed Despite Loss Carry Forward Limitations Under Finance Act ProvisionsHC allowed the petitioner's challenge to the rejected settlement under the DTVSV Scheme. The court held that the dispute falls within the scope of the Finance Act provisions, and the designated authority's rejection was erroneous. The key reasoning emphasized that an assessee's entitlement to carry forward losses for a specific assessment year is distinct from claiming those losses in subsequent years. The court found that the petitioner's inability to claim carry forward loss in AY 2023-24 does not preclude settlement of the dispute for AY 2022-23. Consequently, the court directed reconsideration of the settlement application under Rule 9(1) of the DTVSV Rules. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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