Revised Return Doesn’t Bar Capital Loss Carry Forward if Original Return Was Timely: ITAT Bangalore

Advertisement Balachandra Joshi Vs ACIT (ITAT Bangalore) The appeal arose from the order of the Commissioner of Income Tax (Appeals), NFAC, Delhi, which had partly allowed the assessee’s appeal against the CPC’s order passed under Section 143(1) of the Income Tax Act, 1961 for AY 2021–22. The principal issue before the ITAT was the denial of carry forward of capital loss amounting to ₹2,99,750 despite the original return having been filed within the due date prescribed under Section 139(1). The assessee filed the original return of income on 5 October 2021 declaring taxable ...