ITAT directs AO to set off Business Income with carry forward Business Loss on grounds of Assessee’s Return becoming valid u/s 139(1) after defect was removed from Original Return

By Namaskar Acharya - On September 20, 2023 7:30 am - 2 mins read

ITAT directs AO - business income - business loss - assessee's - Tribunal - Income Tax - taxscan

The Kolkata bench if the Income Tax Appellate Tribunal (ITAT) held that when original return filed is defective and the defect is removed under Section 139(9) of the Income Tax Act, the return filed under Section 139(1) becomes a valid return from the date when it was originally filed. The AO framed the assessment order…

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