https://www.taxtmi.com/caselaws?id=63893 The Tribunal ruled in favor of the assessee, a private limited company, in a case concerning the set off of losses brought forward from earlier years. Despite the ITO's failure to determine the loss for the assessment year 1975-76 as directed by the AAC within the prescribed time limit, the Tribunal held that the uncomputed loss could be carried forward and set off against the current year's profit under section 72 of the Income-tax Act, 1961. The Tribunal emphasized the assessee's right to claim the set off, disregarding the department's time bar argument, and directed the ITO to comply with the legal requirements for setting off the losses. en-us Mon, 09 Jul 1984 00:00:00 +0530 Wed, 02 Feb 2011 15:58:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63893 The Tribunal ruled in favor of the assessee, a private limited company, in a case concerning the set off of losses brought forward from earlier years. Despite the ITO's failure to determine the loss for the assessment year 1975-76 as directed by the AAC within the prescribed time limit, the Tribunal held that the uncomputed loss could be carried forward and set off against the current year's profit under section 72 of the Income-tax Act, 1961. The Tribunal emphasized the assessee's right to claim the set off, disregarding the department's time bar argument, and directed the ITO to comply with the legal requirements for setting off the losses. Case-Laws Income Tax Mon, 09 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63893