Summary
- The ITAT Mumbai has ruled in favor of Project Revolt LLP, allowing the carry forward of a business loss of ₹26.44 lakh for the assessment year 2017-18.
- The Tribunal determined that the return filed on 11.09.2017 was timely, as the applicable due date was 30.09.2017, not 05.08.2017 as previously claimed by the CPC.
- This decision hinges on the interpretation of Explanation 2(a)(ii) to section 139(1), recognizing audit requirements under both the Income-tax Act and other laws, such as the LLP Act.
- The ruling could set a precedent for similar cases involving LLPs and their audit obligations, impacting
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