https://www.taxtmi.com/caselaws?id=151555 The Tribunal's decision was upheld, dismissing the assessee's claims. The Tribunal found the assessee ceased business activities, making land/building ineligible as trading assets. It rejected setting off carry forward losses against lease rentals, stating losses can only offset profits from an active business. The Tribunal correctly applied the law, emphasizing rectification for clear errors only. The Bombay High Court ruled rectification cannot review beyond obvious mistakes. The Tribunal's decision was based on legal principles, leading to the dismissal of the assessee's rectification claim. en-us Fri, 08 Jan 2010 00:00:00 +0530 Fri, 07 Jun 2013 14:37:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151555 The Tribunal's decision was upheld, dismissing the assessee's claims. The Tribunal found the assessee ceased business activities, making land/building ineligible as trading assets. It rejected setting off carry forward losses against lease rentals, stating losses can only offset profits from an active business. The Tribunal correctly applied the law, emphasizing rectification for clear errors only. The Bombay High Court ruled rectification cannot review beyond obvious mistakes. The Tribunal's decision was based on legal principles, leading to the dismissal of the assessee's rectification claim. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151555