https://www.taxtmi.com/caselaws?id=242592 The High Court analyzed the appeal against the ITAT judgment concerning tax effect in loss cases for AY 1992-93. The Court clarified that appeals should not be barred solely based on negative income and emphasized the importance of considering notional tax effect in cases of loss for appeal filing. The decision favored the Revenue, quashing the ITAT's judgment and remanding the proceedings for consideration on merits, aligning with the interpretation of the circulars provided by the Court. en-us Sat, 21 Dec 2013 00:00:00 +0530 Sat, 18 Jan 2014 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242592 The High Court analyzed the appeal against the ITAT judgment concerning tax effect in loss cases for AY 1992-93. The Court clarified that appeals should not be barred solely based on negative income and emphasized the importance of considering notional tax effect in cases of loss for appeal filing. The decision favored the Revenue, quashing the ITAT's judgment and remanding the proceedings for consideration on merits, aligning with the interpretation of the circulars provided by the Court. Case-Laws Income Tax Sat, 21 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242592