TRINITY OPPORTUNITY FUND I,MAURITIUS vs. ASSESSING OFFICER-INT TAX CIRCLE 4(1)(2), MUMBAI, MUMBAI

ITA 3140/MUM/2026Status: DisposedITAT Mumbai15 June 2026AY 2023-249 pages
AI SummaryAllowed

What were the facts?

The assessee, a foreign company, claimed set-off of brought forward capital losses from AY 2019-20 against its income for AY 2023-24. The Assessing Officer disallowed this claim, citing an omission in reflecting these losses in the return for AY 2020-21.

What did the Tribunal hold?

The Tribunal held that the omission to reflect brought forward losses in a subsequent year's return was an inadvertent error and did not extinguish the assessee's right to carry forward and set off these losses, as they were validly determined in the original year.

What were the issues?

Whether an inadvertent omission to report brought forward losses in a subsequent year's return can lead to denial of set-off of such losses, despite initial eligibility.

Which sections of the Income-tax Act were involved?

Section 139,Section 72,Section 73,Section 73A,Section 74,Section 74A,Section 80

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES, MUMBAI

Before: HON’BLEBEENA PILLAI & HON’BLE ARUN KHODPIA

For Respondent: Ms. Shruti Anzare, Sr. DR

PER SMT. BEENA PILLAI, HON. JM: Present appeal arises out of the final assessment order dated 22/01/2026 passed by Learned Deputy Commissioner of Income Tax, Int. Tax circle 4(1)(2), Mumbai, for A.Y. 2023-24, on the following grounds of appeal:- “1)

Ground1. The learned Assessing Officer has erred in law and on facts in recording that the return of income for Assessment Year 2020-21 was not

The order continues below.

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