https://www.taxtmi.com/caselaws?id=247037 The Court ruled in favor of the respondent-assessee, dismissing the Revenue's appeal and upholding the Tribunal's decision. It was determined that the assessee had not violated any provisions under Section 80 of the Income Tax Act, as the business loss was declared within the required timeframe during assessment under Section 143(3). The Court found the issue of carrying forward the loss to be debatable, rendering Section 154 inapplicable for rectification. Consequently, the assessee was entitled to the benefit of carrying forward the business loss for the assessment year in question. en-us Tue, 11 Feb 2014 00:00:00 +0530 Thu, 19 Feb 2015 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247037 The Court ruled in favor of the respondent-assessee, dismissing the Revenue's appeal and upholding the Tribunal's decision. It was determined that the assessee had not violated any provisions under Section 80 of the Income Tax Act, as the business loss was declared within the required timeframe during assessment under Section 143(3). The Court found the issue of carrying forward the loss to be debatable, rendering Section 154 inapplicable for rectification. Consequently, the assessee was entitled to the benefit of carrying forward the business loss for the assessment year in question. Case-Laws Income Tax Tue, 11 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247037