Landis +Gyr Limited Vs. DCIT, Cir.1(1)

Parties Involved

Facts Summary

The assessee, Landis +Gyr Limited, filed its return of income on 29.12.2022 declaring total income at ₹nil but claimed a loss to be carried forward at ₹20,95,41,402/-. The return was processed under section 143(1) of the Act, and the claimed losses were reduced to ₹17,85,60,976/-, thereby reducing the assessee's claim by ₹3,09,80,426/-. Aggrieved by this, the assessee appealed to the Commissioner of Income-tax (Appeals), Coimbatore, who dismissed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal, arguing that the reduction was a factual mistake by the CPC, Bangalore, which the CIT (A) failed to rectify.…

Legal Issues

• 1. Whether the reduction in the current year loss eligible to be carried forward of ₹3,09,80,426/- by the CPC, Bangalore, was correct.

Judgment Outcome

Decided in favour of Assessee.

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