CPC Erred in denying Loss Carry-Forward to Company Eligible for Extended Due Date U/s. 92E: ITAT Ahmedabad

ACIT Vs Kiri Industries Ltd. (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad dismissed the Revenue’s appeal in the case of ACIT vs. Kiri Industries Ltd. for the Assessment Year 2016-17, affirming the Commissioner of Income Tax (Appeals) [CIT(A)]’s decision to allow the carry-forward of losses amounting to ₹65.39 crore. The dispute arose when the Centralized Processing Center (CPC) disallowed the loss carry-forward on the basis that the return was filed beyond the due date. However, the ITAT held that the CPC’s computation was incorrect, as the company was entitl...