119(2)(b) Condonation of Delay for carrying forward the capital losses

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Dear Experts

We had a long term capital loss on sale of property for my late brother in law for AY 2016~17 . Since he was bed ridden the return couldnot be filed on time and thus the carrying forward of losses to subsequent years was not allowed after return got processsed.

These losses were erroneously adjusted after he passed away , against long term capital gains in AY 2018~19 and we received a Tax demand from CPC.

We filed a condonation delay appeal to the PCIT for allowing the carrying forward of long term capital losses for AY 2016~17 as the return was delayed due to his illness.

We have received the favorable order from the PCIT allowing us to carry forward the Capital Losses from AY 16~17.
Can someone please advise me the following

1) Can the tax demand raised for AY 2018~19 by CPC can be removed if I share the order copy directly or there is some specific procedure after the Order is passed by the PCIT ?

2) Do I need to file a revised return for both A.Y 16~17 ( year for filing the loss ) and A.Y 17~18 ( to carry forward the loss adjusted finally in AY 2018~19.

Please help !
Replies (1)
Dear sir,
I think so u can file the revised return against the demand raised by the department for the relavent AY's and send the copy of the ITR V acknowledgement & Computation to the respective jurisdictional office


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