https://www.taxtmi.com/caselaws?id=212707 A loss determined in assessment remains legally significant because it can affect future set-off and carry-forward rights, and therefore may have tax consequences in later years. The Court held that Revenue appeals in loss cases are not automatically barred on the ground of low tax effect merely because assessed income is negative. It further held that earlier Board circulars did not prevent such appeals, and that the later clarification on notional tax effect in loss cases was only clarificatory. On that basis, dismissal of the appeal for want of maintainability was erroneous where the notional tax effect exceeded the prescribed limit. en-us Wed, 18 Jan 2012 00:00:00 +0530 Sat, 21 Apr 2012 08:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212707 A loss determined in assessment remains legally significant because it can affect future set-off and carry-forward rights, and therefore may have tax consequences in later years. The Court held that Revenue appeals in loss cases are not automatically barred on the ground of low tax effect merely because assessed income is negative. It further held that earlier Board circulars did not prevent such appeals, and that the later clarification on notional tax effect in loss cases was only clarificatory. On that basis, dismissal of the appeal for want of maintainability was erroneous where the notional tax effect exceeded the prescribed limit. Case-Laws Income Tax Wed, 18 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212707