https://www.taxtmi.com/caselaws?id=177512 The Tribunal held that the assessee, a private limited company, was entitled to carry forward the assessed loss under s. 154 of the IT Act despite filing the return beyond the allowed time. The Tribunal emphasized the binding precedent set by the Calcutta High Court, stating that the ITO's failure to follow the established law constituted a rectifiable mistake under s. 154. The judgment favored the assessee, citing the decision in Presidency Medical Centre vs. CIT as a precedent. The Court did not award costs in this case. en-us Mon, 08 Jan 1990 00:00:00 +0530 Mon, 11 Jan 2016 17:24:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177512 The Tribunal held that the assessee, a private limited company, was entitled to carry forward the assessed loss under s. 154 of the IT Act despite filing the return beyond the allowed time. The Tribunal emphasized the binding precedent set by the Calcutta High Court, stating that the ITO's failure to follow the established law constituted a rectifiable mistake under s. 154. The judgment favored the assessee, citing the decision in Presidency Medical Centre vs. CIT as a precedent. The Court did not award costs in this case. Case-Laws Income Tax Mon, 08 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177512