Disallowance of Set-Off of Brought Forward Losses u/s 72(3): ITAT allows Relief Based on BIFR Scheme

The ITAT allowed relief in the disallowance of the set-off of brought-forward losses under Section 72(3) of the Income Tax Act. The case involved a taxpayer who sought to set off their brought-forward losses against current year profits. The tribunal ruled in favor of the taxpayer, stating that the losses should be allowed for set-off as per the provisions of the law. This ruling provides clarity on the treatment of brought-forward losses and emphasizes the importance of following statutory provisions to determine eligibility for set-off.