CERES ESTATE LIMITED,MUMBAI vs. ITO,WARD-5(1), DELHI

This appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals) [hereinafter referred to 1 CIT (Appeals)]/National Faceless Appeal Centre, Delhi, dated 17.08.2022 for assessment year 2020-21.

The assessee has raised the following substantive ground of appeal :- “ That the ld. Commissioner of Income Tax (Appeals) has erred, on facts and law in circumstances of the case, in confirming the denial of claim of the appellant, for set off of brought forward losses of Rs.15,29,548/- against the current year’s business income.”

Heard rival submissions. It is noticed that while processing the return under section 143(1) of the Income Tax Act, 1961 (the Act) the set off of business losses against business income were denied by the CPC. The assessee carried the matter to the ld. CIT (Appeals) and the ld. CIT (Appeals) dismissed the appeal of the assessee in the absence of any specific details i.e. year-wise carry forward losses for set off. The ld. Counsel for the assessee submitted that the ld. CIT (Appeals) did not ask for the details in the course of appeal proceedings. However, the ld. Counsel submits that the matter may be restored to the file of the Assessing Officer and the assessee shall provide all the necessary details in support of its claim.

Considering the rival submissions, this matter is restored to the file of the Assessing Officer for deciding afresh in accordance with law, after providing adequate opportunity of being heard to the assessee. The assessee may furnish the details in support of its claim which shall be considered by the ld. Assessing Officer. 2

In the result, appeal of the assessee is allowed for statistical purposes.