Loss cannot be denied by treating Revised Return as Original Return & CIT not liable for cost if no malafide action proved

Khadi Grammodhyog Prathisthan Vs Asst. Director of Income CPC (ITAT Jodhpur) The case of Khadi Grammodhyog Prathisthan Vs Asst. Director of Income CPC (ITAT Jodhpur) revolves around the denial of current year losses by treating a revised tax return as an original return. This appeal arises from an order dated 14.02.2023, issued by the National Faceless Appeal Centre (NFAC), Delhi, for the assessment year 2019-20. The initial assessment order was passed under section 143(1) of the Income Tax Act by the Assistant Director of Income Tax (ADIT), CPC. Original vs. Revised Return: The crux of this a...