M/S. TIRUPATI SPONGE & STEEL,KOLKATA vs. ITO, WARD-3(1), ASANSOL, ASANSOL

PDF · subscribers
ITA 2267/KOL/2014Status: DisposedITAT Kolkata26 September 2018AY 2009-20103 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal directed the AO to grant the deduction of the brought forward business loss from AY 2007-08 in accordance with law. The AO was instructed to verify the facts and figures submitted by the assessee.

What were the facts?

The assessee claimed to carry forward a business loss of Rs. 1,47,03,275/- from AY 2007-08 to set off against income in AY 2008-09 and AY 2009-10. The Assessing Officer (AO) had quantified this loss in an order giving effect to a previous appellate order.

What were the issues?

Whether the assessee is entitled to carry forward and set off the business loss from a previous assessment year against the current year's income.

Which sections of the Income-tax Act were involved?

Section 250,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘C ‘BENCH KOLKATA

Before: Hon’ble Shri J.Sudhakar Reddy, AM & Smt. Madhumita Roy, JM ]

Hearing: 13.09.2018

This is an appeal filed by the assessee directed against the order of the ld. Commissioner of Income Tax(Appeals)-Asansol for A.Y.2009-10.

2.

The only issue that arises for our consideration, is the claim of the assessee that, the business loss quantified, consequent to the order of the Commissioner of Income Tax (Appeals) for A.Y.2007-08, by the AO, in his order giving effect to the appellate order passed u/s 250 r.w.s. 143(3) of the Income Tax Act, 1961 (the ‘Act) was Rs.1,47,03,275/-. It is the case of the assessee that it is entitled to carry forward this loss and set off the same against the income of the assessment year 2008-09 as well as income of the A.Y.2009-10. The ld. Departmental Representative does not have the details but agreed that the assessee is entitled to claim setting off of brought forward loss against the current income.

3.

In view of the above discussion we direct the AO to grant deduction of brought forward business loss of the A.Y.2007-08 in accordance with law. The AO shall verify M/s Tirupati Sponge & Steel A.Y.2009-10 2 the facts and figures submitted by the assessee, and dispose of the case in accordance with law.

4.

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

Order pronounced in the Court on 26.09.2018.

Sd/- Sd/- [J.Sudhakar Reddy] [ Madhumita Roy ] Accountant Member Judicial Member Dated : 26.09.2018. [RG Sr.PS] Copy of the order forwarded to: 1. M/s Tirupati Sponge & Steel, 164, Dr. B.Banerjee Road, School Para, P.O.raniganj, Dist. Burdwan, PIN-713304 (West Bengal).

2. I.T.O., Ward-3 (1), Asansol

3. C.I.T.(A)-Asansol.

4. C.I.T-Asansol.

Recent GST High Court judgments

Search GST case law →