https://www.taxtmi.com/caselaws?id=181177 The Tribunal dismissed the Assessee's appeal, upholding the decisions of the ld CIT(A) and the AO. It clarified that only business losses can be carried forward and set off against business income assessable for the relevant assessment year, emphasizing the specific provisions of the Income Tax Act. The Tribunal ruled that capital gains on the sale of assets should not be set off against brought forward losses from earlier years, aligning with the revenue authorities' interpretation of the law. en-us Wed, 08 Feb 2012 00:00:00 +0530 Fri, 08 Apr 2016 18:05:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181177 The Tribunal dismissed the Assessee's appeal, upholding the decisions of the ld CIT(A) and the AO. It clarified that only business losses can be carried forward and set off against business income assessable for the relevant assessment year, emphasizing the specific provisions of the Income Tax Act. The Tribunal ruled that capital gains on the sale of assets should not be set off against brought forward losses from earlier years, aligning with the revenue authorities' interpretation of the law. Case-Laws Income Tax Wed, 08 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181177