Petitioner an LLC incorporated outside India was managing three investment series (funds) in India. Such series had suffered loss in the earlier year and were claimed as such in their respective return of income. The Petitioner sought an AAR ruling whether such loss would be allowed in the hands of the Petitioner, which was answered in the negative. On Writ challenging such order, the High Court held that, the Petitioner was not the assessee who had claimed such loss in its return of income. In fact, the Petitioner had obtained PAN after such year and it had not filed any return of income in the year in which loss arose claiming such loss. As a result, as per section 80, the Petitioner was held not eligible for claiming such losses. (AY 2011-12) (WP No. 9358 of 2018, dt. 08.03.2019)