DATAMINDS TECHNOLOGY LLP,MUMBAI vs. ITO 32(1)(1), MUMBAI

At the outset, the appeal is time barred by 124 days. The assessee had explained the reasons for the said delay vide condonation petition dated 01/09/2022. I am convinced with the said reason and condone the M/s. Dataminds Technologies LLP delay in filing of appeal and admit the appeal of the assessee for adjudication.

The only issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in confirming the disallowance of set off of brought forward losses of A.Yrs. 2010-11 to 2014-15 against the business income of A.Y.2018-19.

None appeared on behalf of the assessee. I have heard the ld. DR and perused the materials available on record. I find that assessee has sought to set off the brought forward business losses of A.Yrs. 2010-11 to 2014-15 amounting to Rs.37,506/- against the business income of Rs.54,697/- in A.Y.2018-19. I find from para 4.1 of the order of ld. CIT(A) (NFAC), the non-eligibility of set off of loss pertaining to A.Y.2009-10 alone has been discussed as it had lapsed in A.Y.2017-18. Absolutely no finding has been given by the ld. CIT(A) (NFAC) with regard to eligibility of set off of brought forward losses of A.Yrs. 2010-11 to 2014-15 against the current year business income. Hence, I deem it fit and appropriate to remand this issue to the file of the ld. CIT(A) to give proper finding with regard to this aspect in accordance with law. Accordingly, the ground raised by the assessee is allowed for statistical purposes.

In the result, appeal of the assessee is allowed for statistical purposes. Order pronounced in open Court on 27/10/2022