Tribunal Affirms Set-Off of Lower of Book Loss or Unabsorbed Depreciation Under 115JB

DCIT Vs Triumph International (India) Private Limited (ITAT Chennai) The appeal before the ITAT Chennai concerned the Revenue’s challenge to an order of the CIT(A), Chennai-16, for Assessment Year 2018-19 relating to Triumph International (India) Private Limited. The Revenue filed its appeal with a delay of 39 days, explaining through an affidavit that the delay was caused by the time taken to prepare a scrutiny report and obtain comments from the Transfer Pricing Officer. The Tribunal found the reasons adequate and the assessee did not object, leading to condonation of delay. The sole issue...