https://www.taxtmi.com/caselaws?id=216553 The Tribunal upheld the decision of the lower authorities to disallow the brought forward loss under section 154 of the Income Tax Act. The appellant's arguments challenging the orders of the Assessing Officer and the Commissioner of Income Tax (Appeals) were dismissed, emphasizing the correct application of the law in rectifying the assessment order. The Tribunal affirmed that the rectification within the limitation period of four years was valid, supporting the Assessing Officer's adjustment of losses under section 72(3) of the Act. en-us Fri, 29 Jun 2012 00:00:00 +0530 Fri, 31 Aug 2012 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216553 The Tribunal upheld the decision of the lower authorities to disallow the brought forward loss under section 154 of the Income Tax Act. The appellant's arguments challenging the orders of the Assessing Officer and the Commissioner of Income Tax (Appeals) were dismissed, emphasizing the correct application of the law in rectifying the assessment order. The Tribunal affirmed that the rectification within the limitation period of four years was valid, supporting the Assessing Officer's adjustment of losses under section 72(3) of the Act. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216553