https://www.taxtmi.com/caselaws?id=272095 The High Court upheld the decision of the lower authorities in a tax case involving the rectification of an assessment order under Section 154. It was determined that Section 71(2) does not operate independently and must be read together with Section 72(1). The Court also agreed with the taxation of long term capital gains of a domestic company independently under Section 112(1)(b) and the interpretation that the term 'may' in Section 71(2) does not provide an absolute option to set off capital gains against losses. The appellant's appeal was dismissed, and costs were not awarded. en-us Wed, 10 Feb 2016 00:00:00 +0530 Fri, 26 Feb 2016 06:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272095 The High Court upheld the decision of the lower authorities in a tax case involving the rectification of an assessment order under Section 154. It was determined that Section 71(2) does not operate independently and must be read together with Section 72(1). The Court also agreed with the taxation of long term capital gains of a domestic company independently under Section 112(1)(b) and the interpretation that the term 'may' in Section 71(2) does not provide an absolute option to set off capital gains against losses. The appellant's appeal was dismissed, and costs were not awarded. Case-Laws Income Tax Wed, 10 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272095