ITAT Allows Carry Forward of Loss, Deletes Late Fee as Partner Filed Return Within Extended Due Date...

The ITAT (Income Tax Appellate Tribunal) has allowed the carry forward of loss and deleted a late fee as a partner filed a return within the extended due date under Section 234E. The tribunal recognized that if the due date for filing a return is extended for a particular category of taxpayers (e.g., partners of a firm), and the return is filed within that extended period, then no late fee under Section 234E should be levied. This ruling provides clarity and relief to taxpayers, ensuring that they are not penalized for compliance within legitimately extended deadlines.