Denial of carry forward of business loss for non-completion of statutory audit is unjustified

DCIT Vs Brahmos Aerospace (Thiruvananthapuram) Ltd. (ITAT Cochin) Facts- The AO while giving effect to the ITAT’s order dt.29.03.2012, passed an order dated 12-03-2013 and again did not allow the carry forward of business loss to the tune of Rs. 1,34,50,050/- as the assessee has not filed the revised return of income. However, loss on account of depreciation, to the tune of Rs.1,62,04,983/- was allowed by the AO , in the second round of litigation . The matter again travelled to Ld.CIT(A) at the behest of the assessee, who was pleased to hold vide appellate order dated 10.10.2019 in second r...