https://www.taxtmi.com/caselaws?id=325500 The High Court held that the original assessment order was erroneous and prejudicial to the Revenue's interests as the appellant did not conduct business during the relevant year, making the claimed business losses inapplicable. Referencing the Malabar Industrial Co. Ltd. Vs. C.I.T. case, the Court dismissed the appeal under Section 260A of the Income Tax Act, 1961. The issue of allowing carried forward business losses and unabsorbed depreciation against current year's income was not addressed due to the dismissal of the first question. The appeal was consequently dismissed without costs. en-us Wed, 17 Feb 2016 00:00:00 +0530 Mon, 21 Mar 2016 01:06:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325500 The High Court held that the original assessment order was erroneous and prejudicial to the Revenue's interests as the appellant did not conduct business during the relevant year, making the claimed business losses inapplicable. Referencing the Malabar Industrial Co. Ltd. Vs. C.I.T. case, the Court dismissed the appeal under Section 260A of the Income Tax Act, 1961. The issue of allowing carried forward business losses and unabsorbed depreciation against current year's income was not addressed due to the dismissal of the first question. The appeal was consequently dismissed without costs. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325500