Case Law Details
Case Name : Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Delhi
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Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi)
The issue under consideration is whether the Unabsorbed depreciation can be carried forward even if Income Tax Return has not been filed within period of Due date?
ITAT states that, the assessee filed return beyond the due date prescribed u/s 139(1) of the Act. In the return of income the assessee has declared loss and unabsorbed depreciation. As per the provision of section 139(3) to carry forward business loss u/s 72(1), assessee should have filed its return of income in time allowed u/s 139(1) of the Act. However, the above condition ...
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due technical error, unabsorbed depreciation could not be carried forward in the IT return of Ay 23-24. how to rectify the same.