CIT(A) Error in ₹16.89 Cr Capital Loss: ITAT Restores case to AO for Verification

Businessmatch Services (India) Pvt. Ltd. Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal filed by Businessmatch Services (India) Pvt. Ltd. against an order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] concerning the Assessment Year 2014-15. The core issue of the appeal was the CIT(A)’s incorrect recording of the long-term capital loss claimed by the assessee. In its return of income, the assessee had declared a long-term capital loss of INR 16,89,86,412 for carry forward. However, the CIT(A), while acknowledging the assessee’...