https://www.taxtmi.com/caselaws?id=62559 The Tribunal ruled in favor of the appellant, a business engaged in manufacturing ice, regarding the disallowance of set off for carried forward loss by the Income Tax Officer (ITO). The Tribunal found the ITO's actions unjustified both factually and legally, emphasizing that valid claims of an assessee must be considered and allowed on their merits. The Tribunal accepted the appellant's claim for set off of unabsorbed depreciation and investment allowance from previous years against the current year's business income, directing the ITO to verify the figures and ensure compliance with all legal requirements for the set off to be allowed. en-us Fri, 23 Dec 1994 00:00:00 +0530 Thu, 20 Jan 2011 13:52:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62559 The Tribunal ruled in favor of the appellant, a business engaged in manufacturing ice, regarding the disallowance of set off for carried forward loss by the Income Tax Officer (ITO). The Tribunal found the ITO's actions unjustified both factually and legally, emphasizing that valid claims of an assessee must be considered and allowed on their merits. The Tribunal accepted the appellant's claim for set off of unabsorbed depreciation and investment allowance from previous years against the current year's business income, directing the ITO to verify the figures and ensure compliance with all legal requirements for the set off to be allowed. Case-Laws Income Tax Fri, 23 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62559