Case Number: ITA 1780/DEL/2020
Appellant: Virender Gupta, New Delhi
Respondent: DCIT, CPC, Bengaluru
Assessment Year: 2018-19
Case Filed On: 2020-10-27
Order Type: Final Tribunal Order
Date of Order: 2023-07-06
Pronounced On: 2023-07-06
This appeal by Virender Gupta addresses the restriction of business loss carry forward to Rs.3,046 by the CPC, Bengaluru, contrasting the Rs.30,15,712 claimed, which is believed to have been filed within the statutory deadline.
The initial return filed by the appellant reported a business loss, which was processed under Section 143(1) leading to certain adjustments. A subsequent rectification under Section 154 significantly altered the loss amount carried forward, prompting the appeal.
The tribunal noted errors in the interpretation of filing dates and statutory provisions concerning business loss carry forwards. It acknowledged that the original and revised returns claimed the same amount of loss, correctly filed within the deadline. The tribunal corrected the mistaken application of tax law, allowing the full amount of Rs.30,15,712 to be carried forward.
The decision reaffirms the importance of adhering to statutory deadlines and the correct interpretation of tax laws concerning loss carry forwards. It underscores the critical review function of appellate tribunals in tax dispute resolutions.
Appeal Analysis: Virender Gupta vs. DCIT, CPC, Bengaluru on Business Loss Carry Forward
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