LAQSHYA MEDIA LIMITED,MUMBAI vs. DCIT-2(2)(1), MUMBAI

ITA 3004/MUM/2025Status: DisposedITAT Mumbai04 September 2025AY 2018-19Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the right to carry forward losses and depreciation is a statutory entitlement and the AO should have recognized and given effect to it. However, the lower authorities failed to undertake this exercise properly.

What were the facts?

The assessee claimed set-off of brought-forward business losses and unabsorbed depreciation for AY 2018-19. The AO completed assessment under section 143(3) without discussing this claim, and the CIT(A) also failed to adjudicate it on first appeal.

What were the issues?

Whether the Assessing Officer and CIT(A) erred in not granting the set-off of brought-forward business losses and unabsorbed depreciation.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 143(2),Section 143(1),Section 142(1),Section 32(2),Section 72

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH

For Appellant: Shri Ravi Sawana a/w. Ms, Shri Apurva
For Respondent: Shri Aditya M Rai (Sr. DR)
Hearing: 16/06/2025Pronounced: 04/09/2025

PER AMIT SHUKLA (J.M): The aforesaid appeal is directed against the order dated 14/02/2025 passed by the National Faceless Appeal Centre (NFAC), Delhi, arising out of the assessment framed under section 143(3) of the Income-tax Act, 1961 (“the Act”) for A.Y. 2018-19. 2 Laqshya Media Ltd.

2.

The grievance of the assessee is confined to one issue only, namely that the learned Assessing Officer as well as the learned CIT(A) failed to grant the due set-off of brought- forward business losses and unabsorbed depreciation of earlier years, despite the assessee having specifically claimed the same.

3.

The brief facts relevant for this issue are that the as

The order continues below.

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