https://www.taxtmi.com/caselaws?id=65979 The Appellate Tribunal ITAT Hyderabad-A ruled in favor of the taxpayer in a case involving the assessment of business loss for the years 1979-80 and 1980-81. The tribunal allowed the taxpayer's claim for set off of loss from the assessment year 1978-79 against share income, rejecting the department's argument based on a CBDT circular. Emphasizing adherence to established case law and circulars, the tribunal set aside the assessments to determine the loss accurately and reconsider the set off claim, affirming the taxpayer's entitlement to claim set offs under Chapter VI of the Income-tax Act. en-us Wed, 30 May 1984 00:00:00 +0530 Sat, 19 Feb 2011 16:01:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65979 The Appellate Tribunal ITAT Hyderabad-A ruled in favor of the taxpayer in a case involving the assessment of business loss for the years 1979-80 and 1980-81. The tribunal allowed the taxpayer's claim for set off of loss from the assessment year 1978-79 against share income, rejecting the department's argument based on a CBDT circular. Emphasizing adherence to established case law and circulars, the tribunal set aside the assessments to determine the loss accurately and reconsider the set off claim, affirming the taxpayer's entitlement to claim set offs under Chapter VI of the Income-tax Act. Case-Laws Income Tax Wed, 30 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65979