Delay in filing return condoned as genuine losses will not be permitted to be carried forward

Balaji Landmarks LLP Eartwhile Vs Central Board of Direct Taxes (Bombay High Court) Bombay High Court held that assessee couldn’t be put to considerable disadvantage due to belated advice given by CA. Further, in case delay is not condoned, grave hardship will be suffered as genuine losses will not be permitted to be carried forward. Accordingly, delay in filing return condoned. Facts- The present Petition challenges an Order dated 7th August 2024 passed by Respondent No. 1, rejecting the Petitioner’s Application for condonation of delay in filing its return of income for the Assessment Y...