https://www.taxtmi.com/caselaws?id=232329 Unreconciled inter-branch balances of a banking company were treated as accounting entries, not taxable income, because they did not constitute trading receipts and section 41(1) was inapplicable absent proof of an earlier deduction for corresponding expenditure; revision under section 263 on that ground was therefore unjustified. The Tribunal also held that set-off of brought forward loss from the preceding year was correctly allowed, since the loss was shown in the accounts and could not be denied merely because the earlier assessment was later adjusted in appellate proceedings. The revisional order was cancelled in full. en-us Wed, 17 Apr 2013 00:00:00 +0530 Tue, 05 Apr 2016 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=232329 Unreconciled inter-branch balances of a banking company were treated as accounting entries, not taxable income, because they did not constitute trading receipts and section 41(1) was inapplicable absent proof of an earlier deduction for corresponding expenditure; revision under section 263 on that ground was therefore unjustified. The Tribunal also held that set-off of brought forward loss from the preceding year was correctly allowed, since the loss was shown in the accounts and could not be denied merely because the earlier assessment was later adjusted in appellate proceedings. The revisional order was cancelled in full. Case-Laws Income Tax Wed, 17 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=232329