आयकर अपीलीय अधिकरण “बी” न्यायपीठ पुणे में ।

IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI R.K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER आयकर अपील सं . / ITA No.342/PUN/2025 धििाारण वर्ा / Assessment Year : 2015-16 The Jalgaon Peoples Co-op. Bank Limited, ITO, Circle-1, 152, Polan Peth, Dana Bazar, Jalgaon-425001 Jalgaon Vs.

PAN : AACAT1603M अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee by : Shri Mahavir Atal & Shubham Jain (Virtual)

Department by : Shri Amit Bobde Date of hearing : 23-02-2026 Date of 06-05-2026 Pronouncement : आदेश / ORDER PER ASTHA CHANDRA, JM :

The appeal filed by the assessee is directed against the order dated

13.12.2024 of the Ld. Commissioner of Income Tax (Appeals)/NFAC, Delhi [“CIT(A)/NFAC”] pertaining to Assessment Year (“AY”) 2015-16.

2. The assessee has raised the following solitary ground of appeal : “1. Whether on the facts and circumstances of the case, the learned CIT-

(A) was justified in upholding the act of the learned AO in disallowing the business loss brought forward by the appellant vide a rectification order passed under section 154 of the Act.

2. Appellant craves leave to add or alter any other ground that may be taken at the time of hearing.”

3. Briefly stated, the facts of the case are that the assessee filed its original return of income on 29.09.2015 for AY 2015-16 declaring total income of Rs.9,14,46,650/- which was subsequently revised by filing a revised return on 30.04.2016 declaring total income of Rs.10,51,42,610/-. The revised return was processed u/s 143(1) of the Income Tax Act, 1961 (the “Act”) vide intimation order dated 15.09.2016 accepting the returned income. No assessment u/s 143(3) or reassessment u/s 147 was initiated for relevant AY 2015-16. Subsequently, the Ld. Assessing Officer (“AO” passed a rectification order u/s 154 read with section 143(1) of the Act dated 17.09.2021 consequent to order u/s 143(3) r.w.s. 263 dated

16.10.2019 for AY 2014-15 wherein the addition of Rs.12,80,68,490/- was made on account of bad debt due to which returned loss of Rs.17,54,54,145/- was reduced to Rs.4,73,85,655/- for AY 2014-15. From the return of income filed for AY 2015-16, the Ld. AO noticed that the assessee has set off of its business income for AY 2015-16 against brought forward business loss of previous year to the tune of Rs.14,41,54,160/- as well as unabsorbed deprecation of Rs.3,18,23,480/-. According to Ld. AO as per order u/s 143(3) r.w.s. 263 of the Act, the set off of brought forward business loss was allowable only to the tune of Rs.4,73,85,655/- in AY 2015-16. However, the assessee has taken excess set off of brought forward business loss against the regular business income of AY 2015-16. Thus, to give effect of addition made for AY 2015-16 the Ld. AO issued notice u/s 154 of the Act dated 20.08.2021 calling for assessee’s explanation in this regard. In response thereto, the assessee submitted that proposed adjustment does not amount to a mistake, much less mistake apparent from the record to be amenable to section 154 of the Act. The assessee further submitted that additions made pertaining to AY 2014-15 are subjudice and therefore requested the Ld. AO to keep the proposed proceedings u/s 154 in abeyance till the decision of the appeal. Rejecting the assessee contention and taking the note of the fact that the assessee’s appeal challenging the order u/s 263 for AY 2014-15 before the Tribunal has been dismissed by deciding the impugned issue in favor of the Department, the Ld. AO proceeded to pass the impugned rectification order u/s 154 r.w.s. 143(1) of the Act on 17.09.2021 seeking to rectify the intimation order dated 15.09.2016 by making necessary change in brought forward business loss thereby assessing the income of the assessee at Rs.23,32,61,100/- in consequence of the fact that the assessee has already utilized the carry forward loss of AY 2014-15 and an addition of Rs.12,80,68,490/- has been made in AY 2014-15.

4. Ag