19 January 2023
In one of our cases there was carry forward losses of Rs. 7766600 till assessment year 2016-2017. The bifurcation is as follows:- Assessment Year Losses
15-16 2823050
16-17 4943550
Total 7766000
The same losses has reflected in my above Return of Income tax till assessment year 2016-17. While submitting the ITR for A.Y 2017-18 by mistake the above carry forward losses were not considered, the loss of A.Y 2017-18 was only considered and carried forward.
This has continued till assessment Year 2022-23 the carry forward losses of Rs. 7766000 is duly reflected in the ITR and disclosed to income tax till A.Y 2016-17. Sir, how can I deal with the above issue that arose due to clerical error, so that the above assessee would be entitled and take the set off of above losses Rs. 7766000.
I would like to mention that this was audit case cover under section 44 AB and even every year the audit report and ITR is submitted in due dates.
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