Wrongful allowance of set off of brought forward loss prejudicial to interest of revenue: ITAT Cuttack

Posco India Private Limited Vs DCIT (ITAT Cuttack) ITAT Cuttack held that AO wrongly allowed the set off of brought forward loss and accordingly order of AO is erroneous and prejudicial to the interest of revenue. Accordingly, revisionary jurisdiction u/s. 263 of the Income Tax Act rightly invoked. Facts- The assessee company engaged in manufacturing of steel rolled products and places. The return of income was filed on 15.02.2021 disclosing total income at Rs.15,50,04,960/- after claiming set off of brought forward business loss and depreciation of Rs.2,40,17,457/-. The assessment was complet...