ITAT Mumbai Allows Carry Forward of Loss for Partner Based on Partnership Return Date

Dhiren Ramanlal Shah Vs ITO (ITAT Mumbai) ITAT Mumbai has ruled in the case of Dhiren Ramanlal Shah vs. ITO, allowing an individual partner to carry forward losses and get relief from late fees. The ruling hinges on the fact that the partner’s firm had to file an audit report, extending the partner’s own filing deadline. In a recent ruling, the Income Tax Appellate Tribunal (ITAT) in Mumbai has sided with a taxpayer, Dhiren Ramanlal Shah, allowing him to carry forward a capital loss and directing the deletion of a late filing fee. The case revolved around the interpretation of the due ...