https://www.taxtmi.com/caselaws?id=211661 The appellant, a non-resident foreign company, sought to set off a business loss from the sale of shares against other income. The Assessing Officer initially disallowed the set-off, but the Tribunal ruled in favor of the appellant, allowing the claim based on the option under section 90(2) of the Income-tax Act. Additionally, the Tribunal quashed the initiation of reassessment proceedings under section 147, as it was beyond the time limit and lacked substantive grounds. The appeal was allowed in favor of the appellant, granting the set-off and rejecting the reassessment. en-us Mon, 26 Mar 2012 00:00:00 +0530 Fri, 24 May 2013 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211661 The appellant, a non-resident foreign company, sought to set off a business loss from the sale of shares against other income. The Assessing Officer initially disallowed the set-off, but the Tribunal ruled in favor of the appellant, allowing the claim based on the option under section 90(2) of the Income-tax Act. Additionally, the Tribunal quashed the initiation of reassessment proceedings under section 147, as it was beyond the time limit and lacked substantive grounds. The appeal was allowed in favor of the appellant, granting the set-off and rejecting the reassessment. Case-Laws Income Tax Mon, 26 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211661