Case Law Details
Tikona Trust Vs Asst. Director of Income Tax (ITAT Mumbai)
ITAT Mumbai held as books of accounts of assessee are not need to be audited, hence return of income has to be filed on or before 31st July. As return filed beyond time limit, disallowance of set off of brought forward loss sustained.
Facts- The assessee has claimed set off of losses of earlier years against current year business income. However, the AO/CPC noticed that the returns of income of the earlier years have been filed beyond the time prescribed u/s 139(1) of the Act. Further, the loss, even if it is eligible to be carried forward, could be carried forward only for eight succeeding assessment years. Hence the CPC did not allow set off of brought forward losses.
CIT(A) confirmed the action of AO/CPC. Being aggrieved, the present appeal is filed.
The main contention of assessee is that the due date for it should be taken as 30th September, since its accounts are required to be audited as per trust deed.
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