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

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ITA 820/AHD/2024Status: DisposedITAT Ahmedabad09 October 2024AY 2019-20Bench: DR. BRR KUMAR (Accountant Member)2 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 found that the assessee had filed the return within the due date and complied with the procedural requirements, including filing the audit report. Therefore, the disallowance of the carried forward loss was not justified.

What were the facts?

The assessee's appeal concerns the disallowance of carried forward business loss of Rs. 6,25,487/-. The disallowance was made on the grounds that the return of income was not filed within the due date.

What were the issues?

Whether the disallowance of carried forward business loss is justified when the return of income was filed within the due date and procedural requirements were met.

Which sections of the Income-tax Act were involved?

Section 143(1),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD

For Appellant: Shri Chirag Shah, CA
Hearing: 09/10/2024Pronounced: 09/10/2024

Asstt.Year : 2019-20 Elahi Corporation The ITO, Ward-3(3)(1) Zarf Dairy Juhpur Vs Ahmedabad. Sarkhej Road Ahmedabad. PAN : AAGFE 7951 G (Applicant) (Responent) Assessee by : Shri Chirag Shah, CA Revenue by : Shri Ravindra, SR.DR सुनवाई क� तारीख/Date of Hearing : 09/10/2024 घोषणा क� तारीख /Date of Pronouncement: 09/10/2024 आदेश आदेश/O R D E R आदेश आदेश This is assessee’s appeal against the order of the ld.Commissioner of Income Tax (Appeal)-7, National Faceless Appeal Centre (NFAC), Mumbai dated 23.2.2024 for the Asst.Year 2019-20 passed under section 250 of the Income Tax Act, 1961 (“the Act” for short).

2.

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

1.

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.

2. 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/-.

4.

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.

5.

The appeal of the assessee is allowed.

Dictated on the Open Court, typed and pronounced on 9th October, 2024.

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