Ceres Estate Limited, Mumbai V. ITO,Ward-5(1), Delhi

ITA 2521/DEL/2022

AI Insights

The case involves M/s. Ceres Estate Limited, the appellant, contesting the denial of set off of brought forward losses against the current year's business income for the assessment year 2020-21. The Income Tax Officer initially denied this set off during the processing of the return under section 143(1) of the Income Tax Act, 1961. The appellant's subsequent appeal to the Commissioner of Income Tax (Appeals) was dismissed due to the absence of specific year-wise carry forward losses details. The Tribunal, considering the submissions, decided to restore the matter to the Assessing Officer for a detailed examination after allowing the appellant to present the required details.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 113171 (ITAT-DELHI)
• Duration Of Justice: 3 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-01-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 29-11-2022
• Assessment Year: 2020-2021
• Appeal Filed On: 12-10-2022
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business income
• Section: 143(1)

Judgement Text

I.T.A. No. 2521/Del/2022 1 IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “S.M.C.” : DELHI ] BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER, S.M.C. आ.अ.सं./I.T.A No. 2521/Del/2022 िनधाᭅरणवषᭅ/ Assessment Year: 2020-21. M/s. Ceres Estate Limited, One International Centre, Tower-1, 4th Floor, S.B. Marg, Elphinstone (W) Mumbai–110013, Maharashtra. बनाम Vs. Income Tax Officer, Ward : 5 (1), New Delhi. PAN No. AACCC8758L अपीलाथᱮ / Appellant ᮧ᭜यथᱮ / Respondent िनधाᭅᳯरतीकᳱओरसे /Assessee by : Shri Lakshmi Narayan Agarwal, Advocate; राज᭭वकᳱओरसे / Department by : Ms. Indu Bala Saini, Sr. D. R.; सुनवाईकᳱतारीख/ Date of hearing : 30/11/2022 उ᳃ोषणाकᳱतारीख/Pronouncement on : 31/01/2023 आदेश / O R D E R PER C. N. PRASAD, J. M. : 1. This appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals) [hereinafter referred to I.T.A. No. 2521/Del/2022 2 CIT (Appeals)]/National Faceless Appeal Centre, Delhi, dated 17.08.2022 for assessment year 2020-21. 2. The assessee has raised the following substantive ground of appeal :- “ That the ld. Commissioner of Income Tax (Appeals) has erred, on facts and law in circumstances of the case, in confirming the denial of claim of the appellant, for set off of brought forward losses of Rs.15,29,548/- against the current year’s business income.” 3. Heard rival submissions. It is noticed that while processing the return under section 143(1) of the Income Tax Act, 1961 (the Act) the set off of business losses against business income were denied by the CPC. The assessee carried the matter to the ld. CIT (Appeals) and the ld. CIT (Appeals) dismissed the appeal of the assessee in the absence of any specific details i.e. year-wise carry forward losses for set off. The ld. Counsel for the assessee submitted that the ld. CIT (Appeals) did not ask for the details in the course of appeal proceedings. However, the ld. Counsel submits that the matter may be restored to the file of the Assessing Officer and the assessee shall provide all the necessary details in support of its claim. 4. Considering the rival submissions, this matter is restored to the file of the Assessing Officer for deciding afresh in accordance with law, after providing adequate opportunity of being heard to the assessee. The assessee may furnish the details in support of its claim which shall be considered by the ld. Assessing Officer. I.T.A. No. 2521/Del/2022 3 5. In the result, appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on : 31/01/2023. Sd/- ( C. N. PRASAD ) JUDICIAL MEMBER Dated : 31/01/2023. *MEHTA* Copy forwarded to :- 1. Appellant; 2. Respondent; 3. CIT 4. CIT (Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT, New Delhi. Date of dictation 30.01.2023 Date on which the typed draft is placed before the dictating member 30.01.2023 Date on which the typed draft is placed before the other member 31.01.2023 Date on which the approved draft comes to the Sr. PS/ PS 31.01.2023 Date on which the fair order is placed before the dictating member for pronouncement 31.01.2023 Date on which the fair order comes back to the Sr. PS/ PS 31.01.2023 Date on which the final order is uploaded on the website of ITAT 31.01.2023 I.T.A. No. 2521/Del/2022 4 Date on which the file goes to the Bench Clerk 31.01.2023 Date on which the file goes to the Head Clerk The date on which the file goes to the Assistant Registrar for signature on the order Date of dispatch of the order