“Section 72(1)(i)”

Section References (mined)Section 72Section 72(1)(i)3 judgments

PRADEEP KISANLAL BOOB,NASHIK vs. ACIT, CIRCLE 1, NASHIK, NASHIK

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 189/PUN/2024[2019-20]Status: DisposedITAT Pune30 May 2025AY 2019-20

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.189/Pun/2024 Assessment Year : 2019-20

For Appellant: Shri Sanket JoshiFor Respondent: Shri Arvind Desai

Section 134Section 143(1)Section 143(1)(a)Section 250Section 36(1)(va)

move on to the provision it provides for carry forward and set off of business losses provided u/s.72 of the Act, and Section 72(1)(i) provides that brought forward business losses can be set off against the profits and gains, if any, of any business or profession carried ... assessable for that assessment year. Section 72(1)(ii) provides that losses which cannot be wholly so set off the amount of losses not so set off shall be carry forward to the following assessment years which shall not exceed eight assessment years subject to the proviso to section 72

TGE GAS ENGINEERING GMBH,GERMANY vs. DCIT, CIRCLE INT. TAXATION 3(1)(1), DELHI

In the result, the appeal of the assessee is partly allowed

ITA 1958/DEL/2022[2018-19]Status: DisposedITAT Delhi09 Mar 2023AY 2018-19

Bench: Shri Narendra Kumar Billaiya & Shri Kul Bharat[Assessment Year : 2018-19] Tge Gas Engineering Gmbh, Vs Dcit, Mildred-Scheel-Str., 1 D-53175 Circle-International Bonn, Germany, Germany. Taxation 3(1)(1), Pan-Aadct7387B Delhi. Appellant Respondent Appellant By Shri S.K.Aggarwal, Ca Respondent By Shri Gangadhar Panda, Cit Dr Date Of Hearing 14.12.2022 Date Of Pronouncement 09.03.2023 Order Per Kul Bharat, Jm : The Present Appeal Filed By The Assessee For The Assessment Year 2018- 19 Is Directed Against The Order Of Ld. Cit(A), International Taxation 3(1)(1), Delhi Passed U/S 143(3) R.W.S. 144C(13) Of The Income Tax Act, 1961 (“The Act”) Dated 28.07.2022. The Assessee Has Raised Following Grounds Of Appeal:-

Section 143(3)Section 144CSection 270A

deduction could not be considered since Trib.)] assessee had omitted to file such with original return. Held:In view of provision of section 72(1)(i) whether or not assessee has set- off losses in return of income, income tax authorities are required to give effect to section 72(1

FANCY BUILDERS PRIVATE LIMITED,MUMBAI vs. ITO, 5(1)(4), MUMBAI

In the result, the appeal is allowed in the terms indicated above

ITA 5171/MUM/2019[2012-13]Status: DisposedITAT Mumbai15 Jul 2022AY 2012-13

Section 143(3)

stand is, therefore, unsustainable in law. 7. The law is by now fairly well-settled that "the expression „business or profession‟ in section 72(1)(i), proviso refers to all the activities comprised in the business and not any particular activity". Therefore, what is material is whether the business ... longer in existence, it is desirable to take a look at the broad legal position. We find that in terms of section 72(1)(i) of the Act, where a non-speculation business loss is carried forward by the assessee, "it shall be set off against the profits and gains