ITAT allows ‘set off of losses against Surrendered Business Income 

Mahaluxmi Food Industries Vs ITO (ITAT Chandigarh) Introduction: In a landmark ruling, the ITAT Chandigarh adjudicated in favour of the appellant, Mahaluxmi Food Industries, in a case against the Income Tax Officer (ITO). The dispute revolved around the disallowance of carry forward losses against the appellant’s surrendered business income under Section 115BBE(2) of the Income Tax Act, 1961. Analysis: In the case, the appellant challenged the Assessing Officer’s (AO) decision of rejecting the carry forward losses against the surrendered business income. The appellant argued that t...