https://www.taxtmi.com/caselaws?id=66898 The Tribunal allowed the revenue's appeal, setting aside the CIT(A)'s order and restoring the Assessing Officer's rectification order under section 154 of the Income-tax Act, 1961. The Tribunal held that the business loss was wrongly determined in the original assessment due to the failure to file the return within the prescribed time. It was emphasized that the return filed under the Amnesty Scheme did not fulfill the requirements of section 80 for determining and carrying forward business losses. en-us Wed, 16 Sep 1998 00:00:00 +0530 Tue, 08 Mar 2011 10:41:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66898 The Tribunal allowed the revenue's appeal, setting aside the CIT(A)'s order and restoring the Assessing Officer's rectification order under section 154 of the Income-tax Act, 1961. The Tribunal held that the business loss was wrongly determined in the original assessment due to the failure to file the return within the prescribed time. It was emphasized that the return filed under the Amnesty Scheme did not fulfill the requirements of section 80 for determining and carrying forward business losses. Case-Laws Income Tax Wed, 16 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66898