Landis +Gyr Limited Vs. DCIT, Cir.1(1)
Case No: ITA No.573/KOL/2024
Court: INCOME TAX APPELLATE TRIBUNAL “ C” BENCH, KOLKATA
Date: 3/4/2025
Parties Involved
appellantLandis +Gyr Limited
respondentDCIT, Cir.1(1)
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 Inc…
Decision in favour of
Assessee
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.