Brought Forward Losses can be Adjusted Against Belatedly filed ITR u/s 139(3): ITAT [Read Order]

Brought Forward Losses - Adjusted Against Belatedly filed ITR - ITAT - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that brought forward losses can be adjusted against the income declared belatedly income tax return under section 139(3) of the Income Tax Act, 1961. Assessee, M/s Oasis Textiles Ltd has filed its return belatedly and claimed to deduct the loss brought forward to the total…

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