https://www.taxtmi.com/caselaws?id=61614 The Tribunal upheld the Assessing Officer's decision to rectify the earlier order under section 143(3) and withdraw the set-off of brought forward long-term capital loss. It was determined that the late filing of the return for the initial assessment year rendered the loss ineligible for carry forward and set-off in subsequent years, in accordance with sections 80 and 74 of the Income-tax Act, 1961. The Tribunal affirmed the Assessing Officer's actions under section 154, concluding that the rectification was justified as a glaring mistake of law. The appeals of the assessee were dismissed. en-us Tue, 20 Mar 2007 00:00:00 +0530 Thu, 13 Jan 2011 15:46:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61614 The Tribunal upheld the Assessing Officer's decision to rectify the earlier order under section 143(3) and withdraw the set-off of brought forward long-term capital loss. It was determined that the late filing of the return for the initial assessment year rendered the loss ineligible for carry forward and set-off in subsequent years, in accordance with sections 80 and 74 of the Income-tax Act, 1961. The Tribunal affirmed the Assessing Officer's actions under section 154, concluding that the rectification was justified as a glaring mistake of law. The appeals of the assessee were dismissed. Case-Laws Income Tax Tue, 20 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61614