ELAHI CORPORATION,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

The grounds raised by the assessee in the appeal read as under:

The assessment order passed u/s 143(1) of Income Tax Act by the Assessing Officer and confirmed by the first appellate authority u/s 250 is bad in law and deserved to be uncalled for.

The assessing officer as well as first appellate authority has erred in law and on facts in making and confirming respectively the disallowance of carried forward loss of business amounting to Rs.6,25,487/-.

Only issue in this appeal is against disallowance of carried forward loss of Rs.6,25,487/- on the ground that return of income was not filed within due date. A copy of e-portal screen-shot is placed on record. The due date for filing of the return for this year 31.10.2019. Hence, it can be said that the assessee has filed return within the due date along with audit report. The assessee had carried forward loss of Rs.6,25,487/- and the assessee has complied with procedural aspects of filing the audit report as mandated. Therefore, the assessee having substantially complied with the procedural requirement as mandated, we find no reason to justify the action of the Revenue authorities to disallow of carried forward loss of business amounting to Rs.6,25,487/-. Thus, we set aside the orders of the Revenue authorities on this issue, and allow the grounds of appeal of the assessee.

The appeal of the assessee is allowed.