AO Wrongly allowed Posco India’s set-off of Brought-Forward Loss of ₹1.4 cr: ITAT directs Disallowance, Citing Adjustments made in Previous Years [Read Order]

Considering adjustments already been made for the Set-off of Brought-Forward Loss, ITAT orders disallowance

By Kavi Priya - On October 13, 2024 1:34 pm - 2 mins read

ITAT - ITAT Cuttack - Posco India - Brought Forward Loss - Posco India set off disallowed by ITAT - taxscan

The Cuttack Bench of Income Tax Appellate Tribunal ( ITAT ) directed disallowance of set-off of the brought-forward loss of Rs.1,47,26,425 citing that adjustments had already been made in previous years. Posco India Private Limited, the assessee manufactures steel rolled products and places. The assessee filed its income tax return declaring Rs. 15,50,04,960 as total…

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