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“carry forward of losses”

Losses & Set-offSection 72Section 72260 judgments

The decision most relied on for carry forward of losses is Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477), cited in 213 judgments on BharatTax.

Leading authorities on carry forward of losses

Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT
340 ITR 477 · 2012 · High Court
213
citing judgments

If unabsorbed depreciation or losses from years prior to the initial assessment year for Section 80-IA claim have already been set off against other income, they cannot be notionally carried forward again to reduce the profits of the eligible unit for computing deduction under Section 80-IA. The notional carry forward provision under Section 80-IA(5) applies only to unabsorbed depreciation or losses that have not yet been absorbed.

CIT v. Shri Plot Swetamber Murti Pujak Jain Mandal
211 ITR 293 · 1995 · High Court
204
citing judgments

A charitable trust can carry forward its excess expenditure from previous years and adjust it against the income of subsequent years, which qualifies as an application of income under Section 11. Additionally, voluntary contributions received for a specific purpose are treated as corpus funds and are not taxable.

Income Tax v. Institute of Banking Personnel Selection (IBPS)
131 Taxmann 386 · 2003 · High Court
188
citing judgments

The Income Tax Act, 1961, does not permit the carry forward of excess expenditure of a charitable trust to be set off against future surpluses, as such trusts are governed by a self-contained code under Sections 11 to 13, not the head 'Profits and Gains of Business'. However, depreciation on fixed assets is allowable to a charitable institution registered under section 12A.

CIT v. Matriseva Trust
242 ITR 20 · 2000 · High Court
91
citing judgments

An excess of expenditure incurred by a charitable trust in previous years can be adjusted against the income of a subsequent year, and this adjustment is considered an application of income for charitable purposes under Section 11.

CIT v. Hariprasad & Company Pvt. Ltd.
99 ITR 118 · 1975 · Supreme Court
78
citing judgments

The terms 'income' or 'profits and gains' are inclusive of losses, signifying that losses are 'minus income' to be factored into the computation of taxable income. Therefore, set-off and carry forward provisions for losses apply exclusively to taxable income or gains and cannot be pressed into service against non-taxable gains, such as those exempt under a DTAA or other specific provisions.

CIT v. Himatasingike Seide Ltd.
286 ITR 255 · 2006 · High Court
73
citing judgments

Deduction under Section 10A of the Income-tax Act is to be allowed only after setting off unabsorbed depreciation and brought forward business losses against the profits of the business.

CIT v. DLF Commercial Developers Ltd.
35 Taxmann.com 280 · 2013 · High Court
51
citing judgments

Loss incurred by certain types of companies in trading derivatives is considered speculative loss under the Explanation to Section 73, as the value of stock derivatives depends on shares. Such speculative losses are ineligible for set-off or carry forward against business income.

CIT v. Manmohan Das
59 ITR 699 · 1966 · Supreme Court
47
citing judgments

The eligibility for an assessee to carry forward and set off losses, including capital losses, against future income is determined by the Assessing Officer in the year the set-off is claimed, not in the year the loss was incurred.

Judgments citing carry forward of losses

Deputy Commissioner of Income-Tax, Corporate Circle 1(1), Chennai vs. Astrotech Steels Private Limited, Chennai

The appeal stand dismissed in terms of our above order

ITA 1150/CHNY/2023[2018]Status: DisposedITAT Chennai03 Jul 2024

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1150/Chny/2023 (िनधा)रण वष) / Assessment Year: 2018-19) Dcit M/S Astrotech Steels Private Limited बनाम/ Corporate Circle-1(1) 19, Ii Floor, Right Wing, Ghatala Towers, Chennai. Avenue Road, Nungambakkam Vs. Chennai-34. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aakca-0128-L (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri P. Sajit Kumar (Jcit)- Ld. Sr. Dr " थ"कीओरसे/Respondent By : Shri T. Vasudevan (Advocate) -Ld. Ar सुनवाईकीतारीख/Date Of Final Hearing : 27-06-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-07-2024 आदेश / O R D E R

For Appellant: Shri P. Sajit Kumar (JCIT)- Ld. Sr. DRFor Respondent: Shri T. Vasudevan (Advocate) -Ld. AR
Section 10ASection 143(1)Section 154

Income Tax Act. The assessee also revised its return of income where this exemption was not claimed u/s 10B and the assessee claimed carry-forward of loss. The Ld. AO rejected the withdrawal of such exemption holding that the assessee did not furnish the declaration in writing before ... date of filing of return of income, which was 31- 10-2001. Finally, Ld. AO denied carry forward of loss u/s 72. The Ld. CIT(A) upheld the action of Ld. AO. The Tribunal decided this issue in assessee’s favour by observing that the requisite declaration as required

Asst. Commissioner of Income Tax (It) 2(1)(1), Mumbai vs. Credit Suisse (Singapore) Limited, Singapore

In the result, both the appeals filed by the Revenue are dismissed

ITA 1711/MUM/2024[2016-17]Status: DisposedITAT Mumbai03 Jul 2024AY 2016-17

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

For Appellant: Shri Harsh ShahFor Respondent: Shri Anil Sant
Section 143(3)Section 250Section 263Section 74

benefit of tax treaty between India and Singapore then the income and losses should be covered under the said treaty and no carry forward of losses shall be allowed under the Income Tax Act. In this case the assessee had carry forwarded the losses

Asst. Commissioner of Income Tax (It) 2(1)(1), Mumbai vs. Credit Suisse (Singapore) Limited, Mumbai

In the result, both the appeals filed by the Revenue are dismissed

ITA 1698/MUM/2024[2017-18]Status: DisposedITAT Mumbai03 Jul 2024AY 2017-18

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

For Appellant: Shri Harsh ShahFor Respondent: Shri Anil Sant
Section 143(3)Section 250Section 263Section 74

benefit of tax treaty between India and Singapore then the income and losses should be covered under the said treaty and no carry forward of losses shall be allowed under the Income Tax Act. In this case the assessee had carry forwarded the losses

Sitapuram Power Limited-Erstwhile Amalgamating Company (Now Amalgamated Company-Zuari Cement Limited), Kadapa vs. DCIT, Circle 1, Hyderabad

In the result, appeal of the assessee is allowed

ITA 79/HYD/2022[2017-18]Status: DisposedITAT Hyderabad02 Jul 2024AY 2017-18

Bench: Shri Laliet Kumar, Hon’Ble & Shri Madhusudan Sawdia, Hon’Bleआआआआ आआआआ आआ./ I.T.A. (Tp) No.79/Hyd/2022 (आआआआआआआआ आआआआ / Assessment Year: 2017-18) Erstwhile Amalgamating Company Vs. Deputy Commissioner Of – Sitapuram Power Limited Income Tax, Pan:Aajcs2098E Circle-1, (Now Amalgamated Company – Nellore. Zuari Cement Limited), Kadapa. Pan:Aajcs2098E (आआआआआआआआआ/ Appellant) (आआआआआआआआआआ/ Respondent) आआआआआआआआआ आआ आआ आआ/ Appellant : Adv. Shri Deepak Chopra & Nitin Narang By आआआआआआआआआआआ आआ आआ आआ / : Shri Kumar Pranav, Cit-Dr Respondent By आआआआआआ आआ आआआआआ / Date Of : 15/05/2024 Hearing आआआआआ आआ आआआआआ/Date Of : 02/07/2024 Pronouncement O R D E R

For Appellant: Adv. Shri Deepak Chopra &
Section 143(3)Section 144C(5)Section 40A(2)(b)Section 80ISection 92Section 92(3)Section 92BSection 92D

special benefit (such as an area exemption under Section 80IA) - because it is entity or unit specific. In the case of carry forward of losses and profits, a nuanced approach has been indicated. All these provisions support the idea that the enterprise or the undertaking, and the business ... viaa) (viab); 47 (vii); 72A; 72AB, etc. the transferee was in existence, vis-à-vis the transfer to the transferee company); carry forward of loss, depreciation, all bear out that under the Act, (a) the business-including the rights, assets and liabilities of the transferor company do not cease

Dy. Commissoner of Income Tax 15(1)(2), Mumbai vs. Hiranandani Healthcare Private Limited, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 2009/MUM/2024[2015]Status: DisposedITAT Mumbai21 Jun 2024

Bench: Shri Amarjit Singh & Shri Rahul Chaudharydcit-15(1)(2) Vs. Hiranandani Healthcare Room No.126B, 1St Floor, Private Limited, Aayakar Bhavan, Sector 10A, Mini Sea M.K.Road, Shore, Vashi Maharashtra – 400020 Maharashtra – 400705 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aabch5894D Appellant .. Respondent

For Appellant: Dhivya RuthFor Respondent: Atul T. Suraiya
Section 143(2)Section 28Section 79Section 92C

Whether on the facts and in the circumstances of the case the ITAT erred in allowing the carry forward of losses ignoring the facts that there is substantial change in shareholding pattern, hence the assessee P a g e | 2 DCIT, 15(1)(2) Vs. Hiranandani Healthcare Pvt. Ltd. company

Aprameya Engineering Limited, Ahmedabad vs. Ward 1(1)(1), Income Tax Officer, Ahmedabad

In the result, the order of the CIT(A) is set aside, and the appeal of the assessee is partly allowed

ITA 456/AHD/2024[2022-23]Status: DisposedITAT Ahmedabad11 Jun 2024AY 2022-23

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member Assessment Year: 2022-23 Aprameya Engineering Limited The Income Tax Officer 908, 9Th Floor, Vs Ward-1(1)(1) Venus Atlantis Ahmedabad Corporate Park Anandnagar, Prahlad Nagar Ahmedabad – 380 015 (Gujarat) Pan: Aawca 3138 N अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Sunil Talati, Ca Revenue By : Shri Ketan Gajjar, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 03/06/2024 घोषणा क" तार"ख /Date Of Pronouncement: 11/06/2024 आदेश/O R D E R Per Makarand V. Mahadeokarthis Appeal By The Assessee Is Directed Against The Order Of The Add/Jt. Commissioner Of Income Tax (Appeals) – 5 Mumbai (Hereinafter Referred As “The Cit(A)”), Dated 23-02-2024, Which Dismissed The Assessee'S Appeal Against The Intimation Under Section 143(1) Of The Income Tax Act, 1961 (Hereinafter Referred As “The Act”), Passed By The Central Processing Centre (Cpc) For The Assessment Year (Ay) 2022-23. The Primary Issue Is The Rejection Of The Assessee'S Claim For Taxation At A Lower Rate Under Section Aprameya Engineering Ltd. Vs. Ito Asst. Year : 2022-23

For Appellant: Shri Sunil Talati, CAFor Respondent: Shri Ketan Gajjar, Sr.DR
Section 115BSection 119(2)(b)Section 143(1)

required under section 10B(5) of the Act belatedly after the due date mentioned in section 10B(5) of the Act and claimed carry forward of losses under section 72 of the IT Act, withdrawing its claim for deduction under section 10B of the IT Act. In the present case ... taxmann.com 223/288 Taxman 491/446 ITR 1. The assessee furnished the original return taking the benefit of section 10B and did not carry forward the loss. Thereafter, a revised return was filed foregoing the claim of deduction u/s 10B. The AO rejected the withdrawal of exemption under section 10B by holding

Metsil Exports Pvt. Ltd., Kolkata vs. PCIT Cen.-2, Kolkata

In the result, the appeal filed by the assessee is allowed

ITA 928/KOL/2024[2018-19]Status: DisposedITAT Kolkata10 Jun 2024AY 2018-19

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 143(1)Section 153ASection 263Section 79

seeking to reopen the assessment order passed u/s 153A of the Act dated 22.04.2021 on the following basis: “Irregular carry forward of losses in contravention of section 79 of the Act:- In the instant case, it is observed from the assessment records mainly from the shareholding details forming the part ... 153A/143(3) of the Act and directed the Assessing Officer (in short ld. 'AO') to make necessary verification/enquiry on the issue of allowing carry forward of losses amounting to Rs. 14,94,53,474/- in light of the provisions of Section 79 of the Act, considering that in the case

Ishares Msci Em Ucits Etf Usd Dist, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

ITA 4570/MUM/2023[2021-22]Status: DisposedITAT Mumbai31 May 2024AY 2021-22

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

Section 111ASection 143Section 144C

provided separate columns for set of and ITA No. 4564, 567 to 4570/Mum/2023 iShares MSCI EM VCITS ETF USD Acc; A.Y. 2021-22 carry forward of losses. Assessee argued that section 70 of the income tax act allows the assessee to set-off the losses of lower taxable gains with

Ishares Msci Em Imi Esg Screened Ucits Etf, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

ITA 4569/MUM/2023[2021-22]Status: DisposedITAT Mumbai31 May 2024AY 2021-22

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

Section 111ASection 143Section 144C

provided separate columns for set of and ITA No. 4564, 567 to 4570/Mum/2023 iShares MSCI EM VCITS ETF USD Acc; A.Y. 2021-22 carry forward of losses. Assessee argued that section 70 of the income tax act allows the assessee to set-off the losses of lower taxable gains with

Ishares Msci Em Ucits Etf Usd Acc, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

ITA 4568/MUM/2023[2021-22]Status: DisposedITAT Mumbai31 May 2024AY 2021-22

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

Section 111ASection 143Section 144C

provided separate columns for set of and ITA No. 4564, 567 to 4570/Mum/2023 iShares MSCI EM VCITS ETF USD Acc; A.Y. 2021-22 carry forward of losses. Assessee argued that section 70 of the income tax act allows the assessee to set-off the losses of lower taxable gains with

Ishares Msci India Ucits Etf, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

ITA 4567/MUM/2023[2021-22]Status: DisposedITAT Mumbai31 May 2024AY 2021-22

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

Section 111ASection 143Section 144C

provided separate columns for set of and ITA No. 4564, 567 to 4570/Mum/2023 iShares MSCI EM VCITS ETF USD Acc; A.Y. 2021-22 carry forward of losses. Assessee argued that section 70 of the income tax act allows the assessee to set-off the losses of lower taxable gains with

Ishares Emsc Mauritius Co, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation )-2(2)(2), Mumbai

In the result appeal of the assessee is partly allowed

ITA 4564/MUM/2023[2021-22]Status: DisposedITAT Mumbai31 May 2024AY 2021-22

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

Section 111ASection 143Section 144C

provided separate columns for set of and ITA No. 4564, 567 to 4570/Mum/2023 iShares MSCI EM VCITS ETF USD Acc; A.Y. 2021-22 carry forward of losses. Assessee argued that section 70 of the income tax act allows the assessee to set-off the losses of lower taxable gains with

Tml Industries Ltd., Vadodara vs. The Income Tax Officer, Ward-2(1)(4), Now the DCIT, Circle-2(1)(1), Vadodara

In the result, appeal of the assessee is partly allowed

ITA 14/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad30 May 2024AY 2014-15

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinhaassessment Year: 2014-15

Section 1Section 10Section 115JSection 14A

Wind Mills. During the year under consideration, the assessee filed its return of income declaring total income of Rs. Nil after adjustment of carry forward of losses of Rs.2,07,62,086/-. During the year under consideration, the assessee made investments, the income from which was claimed as exempt under

Deputy Commissioner of Income Tax, Circle-4(1)(1), Bangalore vs. Mitsubishi Heavy Industries-Vst Diesel Engines Private Limited, Mysuru

In the result, the appeal filed by the Revenue is dismissed

ITA 505/BANG/2024[2016-17]Status: DisposedITAT Bangalore29 May 2024AY 2016-17

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessment Year : 2016-17

For Appellant: Shri Ankith, CA
Section 139Section 142(1)Section 143(2)Section 143(3)Section 250Section 271(1)(c)

Assessee duly produced the information called for. 4.5 The appellant filed submission on 13.12.2018 which also furnished the revised computation on carry forward of loss due the OGE of MAP order for AY 12-13 along with details of the tax paid on 30th May, 2018. 4.6 After considering ... response to the Notices issued U/s 142(1) the Assessee Company filed submissions on 13/12/2018 along with the revised Computation on carry forward of losses due to the OGE of MAP order for the Asst. year 2012-13 and Copy of the taxes already paid voluntarily on 30/05/2018 amounting

India Acorn Fund Ltd, Mumbai vs. Deputy Commissioner of Income Tax (International Taxation)-2(2)(1), Mumbai

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

ITA 4556/MUM/2023[2021-22]Status: DisposedITAT Mumbai29 May 2024AY 2021-22

Bench: Smt Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

For Appellant: Shri MADHUR Agarwal / FenilFor Respondent: Shri Anil Sant, Addl. CIT-DR
Section 143(2)Section 143(3)Section 144C(13)Section 144C(5)Section 153Section 234ASection 234C

lower taxable gains should not be denied with higher taxable gains as the IT Rules have provided separate columns for set-off and carry forward of losses. In this context, the assessee has provided submission on 07.12.2022 which has been considered. In the submissions, the assessee argued that section

Sanjeev Kumar Goyal, Fatehabad vs. DCIT, CC-2, Ludhiana

In the result, the appeal of the assesse is allowed

ITA 80/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh22 May 2024AY 2019-20

Bench: This Hon’Ble Tribunal Under Section 253 Of The Income Tax Act, 1961 As Amended From Time To Time. 2. The Assessee Is Aggrieved By The Order Of The Ld. Cit(A) Dt. 20/01/2023 In Appeal No. 10853/2018-19/It/Cit(A)-5/Ldh/2021-22 For The A.Y. 2019-20 Under Section 250(6) Of The Income Tax Act, 1961 Which Was Dismissed. Therefore The Present Second Appeal Under Section 253 Of The Income Tax Act, 1961 Before Us Against The Aforesaid Order Dt. 20/01/2023 Which Is Hereinafter Referred To As The Impugned Order.

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rishaba Marwaha, C.AFor Respondent: Shri Dharamvir, JCIT, Sr. DR
Section 143(2)Section 250(6)Section 253Section 68

provide for its quantification. Chapter VI of the Income tax Act provides for aggregation of income and set off or carry forward of loss. Thus Chapter VI is in two parts; first part deals with aggregation of income while the second part deals with set off or carry forward

Income Tax Officer, Vejalpur vs. Digital Biotech Pvt. Ltd., Memnagar

In the result, the appeal filed by the Revenue is allowed for statistical purposes

ITA 1058/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad17 May 2024AY 2016-17

Bench: Ms. Suchitra R. Kamble & Shri Makarand V. Mahadeokar, Accountnat Member Assessment Year : 2016-17 Digital Biotech Pvt. Ltd., Income-Tax Officer, Vs A/9, Yashprabha Apartment, Ward-1(1)(3), Behind Janta Ice Cream, Ahmedabad Gurukul Road, Memnagar, Ahmedabad -380052 Pan : Aaccd 1831 B अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Tushar Hemani, Sr. Advocate & Shri Parimalsinh B. Parmar, Ar Revenue By : Ms. Bhavnasingh Gupta, Sr. Dr सुनवाई की तारीख/Date Of Hearing : 09/05/2024 घोषणा की तारीख /Date Of Pronouncement: 17/05/2024 आदेश/O R D E R Per Makarand V. Mahadeokar:

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Ms. Bhavnasingh Gupta, Sr. DR
Section 115JSection 143(3)Section 144BSection 147Section 148Section 250Section 271(1)(c)Section 68

appreciating the fact that the reduction in loss on account of addition u/s 68 r.w.s. 115BBE of the Act will prevent assessee to carry forward the loss and set off in subsequent year’s income. Ld. DR heavily relied on the order of the AO and further stated that ... after considering the impugned addition. In our opinion, Ld. CIT(A) has not taken into account the impact of carry forward of losses which can be set off in the subsequent assessment years. 14. Both assessee and Ld. CIT(A) have placed their reliance on the judgment

M/S Satwant Agro Engineers, Bhawanigarh vs. DCIT, Central Circle, Patiala

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

ITA 753/CHANDI/2022[AY 2019-20]Status: DisposedITAT Chandigarh03 May 2024

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Deepak Anand, AdvocateFor Respondent: Shri Dharamvir, JCIT, Sr. DR
Section 115BSection 133ASection 143(2)Section 143(3)Section 68Section 69Section 69A

provide for its quantification. Chapter VI of the Income tax Act provides for aggregation of income and set off or carry forward of loss. Thus Chapter VI is in two parts; first part deals with aggregation of income while the second part deals with set off or carry forward

ACIT Circle 1(2)(1), Mumbai vs. M B Patil Construction Limited, Mumbai

ITA 98/MUM/2023[2018-19]Status: DisposedITAT Mumbai16 Apr 2024AY 2018-19
Section 143(3)Section 145(3)Section 40Section 44A

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘D’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER

M/S M.B.Patil Constructions Limited, Mumbai vs. Income Tax Department, National Faceless Assessment Centre, Delhi

ITA 303/MUM/2023[2018-19]Status: DisposedITAT Mumbai16 Apr 2024AY 2018-19
Section 143(3)Section 145(3)Section 40Section 44A

transferee or amalgamated company- which ceases to exist, after amalgamation, is treated as a continuing one, and any benefits, by way of carry forward of losses (of the transferor company), depreciation, etc., are allowed to the transferee. Therefore, unlike a winding up, there is no end to the enterprise, with