https://www.taxtmi.com/caselaws?id=61752 The Appellate Tribunal ruled in favor of the assessee, allowing the appeal and directing the Income Tax Officer to determine the loss based on the return filed by the assessee. The Tribunal emphasized that Section 80 of the Income-tax Act, 1961 should not hinder the assessee's claim for carrying forward and setting off unabsorbed depreciation from the earlier assessment year. It was deemed unjust to penalize the assessee for the ITO's failure to complete the assessment within the specified time. The judgment upheld the assessee's rights to carry forward and set off losses, ensuring compliance with statutory provisions. en-us Mon, 27 Feb 1984 00:00:00 +0530 Fri, 14 Jan 2011 16:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61752 The Appellate Tribunal ruled in favor of the assessee, allowing the appeal and directing the Income Tax Officer to determine the loss based on the return filed by the assessee. The Tribunal emphasized that Section 80 of the Income-tax Act, 1961 should not hinder the assessee's claim for carrying forward and setting off unabsorbed depreciation from the earlier assessment year. It was deemed unjust to penalize the assessee for the ITO's failure to complete the assessment within the specified time. The judgment upheld the assessee's rights to carry forward and set off losses, ensuring compliance with statutory provisions. Case-Laws Income Tax Mon, 27 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61752