Assessee can set off brought forward losses even if he do not file the return of subsequent years within time required u/s.139(1)

Mr. Faisal Abbas Vs. DCIT (ITAT Mumbai)- It is observed from the copy of return filed by the assessee for assessment year 2001-02 on 31-10-2001 that loss of Rs. 27,26,360/- under the head “Profits & gains of business or profession” was declared. The said return for the year was duly filed within the time allowed u/s.139(1). We are currently dealing with assessment year 2002- 03 in which the assessee has claimed set off of the brought forward business loss against the income for the current year. In our considered opinion, the authorities below were not justified in not granting...