Eight-minute delay in Return filing cannot justify denial of loss carry forward: Bombay HC

Sikkim Ferro Alloys Ltd Vs Central Board of Direct Taxes & Ors (Bombay High Court) This writ petition challenged an order dated 17 January 2024 passed by the Central Board of Direct Taxes (CBDT) under Section 119(2)(b) of the Income Tax Act, 1961, whereby the petitioner’s application for condonation of delay in filing its return of income for Assessment Year (AY) 2018–19 was rejected. The rejection resulted in denial of the benefit of carrying forward a business loss of ₹21,32,55,935. The petitioner, a limited company engaged in trading ferrous and non-ferrous metals, computed a busi...