Carry Forward Loss Cannot Be Denied After Treating Return as Valid: ITAT Delhi

Avalon Infrastructures Pvt. Ltd. Vs ACIT/DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, decided the assessee’s appeal for assessment year 2019-20 against the order of the CIT(A)/NFAC arising from proceedings under Section 143(1) of the Income-tax Act, 1961. The primary issue concerned disallowance of carry forward loss on the ground that the return filed on 01.11.2019 at 00:00:37 was belated and not a valid return under Section 139(1). The Tribunal noted that the departmental authorities themselves had treated the return as validly filed under Section 139(1). In suc...