ITO,WARD-4(1), KOL, KOLKATA vs. M/S. TRIMURTI GRIHANIRMAN PVT. LTD., KOLKATA

ITA 660/KOL/2023Status: DisposedITAT Kolkata29 November 2023AY 2017-183 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding no reason to interfere. The assessee was allowed to claim the losses of the amalgamated company.

What were the facts?

The revenue appealed against the CIT(A)'s order allowing the assessee's claim of loss of an amalgamated company. The Assessing Officer had rejected the claim, stating a revised return was necessary. The CIT(A) allowed the claim, considering the circumstances.

What were the issues?

Whether the assessee is entitled to claim the losses of an amalgamated company without filing a revised return, given the circumstances of the amalgamation approval.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH KOLKATA

Before: Shri Sanjay Garg & Shri Girish Agrawal

order : November 29, 2023 आदेश / ORDER संजय गग�, �या�यकसद�य�वारा/ Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the revenue against the order dated 10.03.2023 of the National Faceless Appeal Centre [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’).

The only issue raised in this appeal by the Department is whether the assessee is entitled to the claim of loss of the amalgamated company.

The Assessing Officer rejected the claimed on the ground that after amalgamation the assessee was supposed to file a revised return claiming the said losses of the amalgamated company.

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