Technicalities Can’t Defeat Justice: ITAT Kolkata Allows Set Off of Losses & MAT Credit

Ambika Metaliks Pvt. Ltd. Vs ACIT (ITAT Kolkata) Technicalities Can’t Defeat Justice: Denial Without Basis Unjustified – Full Brought Forward Losses & MAT Credit Allowed The appeal arose from the order of the CIT(A), dated 22.10.2024 & pertained to Assessment Year 2016-17. At the threshold, the appeal was filed with a delay of 63 days. Assessee produced an affidavit explaining genuine & bonafide reasons for the delay. Accepting the explanation, Tribunal condoned the delay to advance the cause of justice. The first substantive issue related to the set-off of brought forward busi...