https://www.taxtmi.com/caselaws?id=70093 The ITAT MADRAS-C upheld the allowance of set off for brought forward losses of a Hindu Undivided Family (HUF) for the assessment year 1982-83. The Tribunal rejected the argument that foreign income cannot be considered for setting off losses, emphasizing that losses incurred as a resident can be carried forward even after a change in status. The decision clarified that provisions allow for carry forward and absorption of losses against profits of subsequent years, in line with statutory provisions and previous judicial decisions. The Revenue's appeal was dismissed, affirming the HUF's right to set off losses. en-us Wed, 14 Oct 1987 00:00:00 +0530 Thu, 14 Apr 2011 12:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70093 The ITAT MADRAS-C upheld the allowance of set off for brought forward losses of a Hindu Undivided Family (HUF) for the assessment year 1982-83. The Tribunal rejected the argument that foreign income cannot be considered for setting off losses, emphasizing that losses incurred as a resident can be carried forward even after a change in status. The decision clarified that provisions allow for carry forward and absorption of losses against profits of subsequent years, in line with statutory provisions and previous judicial decisions. The Revenue's appeal was dismissed, affirming the HUF's right to set off losses. Case-Laws Income Tax Wed, 14 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70093