https://www.taxtmi.com/caselaws?id=187952 The Tribunal justified canceling the order under section 154 of the Income-tax Act, determining that the ITO lacked jurisdiction to rectify the assessment due to interpretational issues. The speculative loss for the assessment year 1974-75 was allowed to be carried forward and set off against the profit for 1975-76. The Tribunal clarified that a return filed in response to a notice under section 148 should be treated as filed under section 139. The ITO's attempt to disallow the carry forward of the loss in 1975-76 was deemed invalid, emphasizing the finality of the assessment order for the previous year. The Tribunal's decision favored the assessee. en-us Mon, 07 Aug 1989 00:00:00 +0530 Sat, 12 Nov 2016 12:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187952 The Tribunal justified canceling the order under section 154 of the Income-tax Act, determining that the ITO lacked jurisdiction to rectify the assessment due to interpretational issues. The speculative loss for the assessment year 1974-75 was allowed to be carried forward and set off against the profit for 1975-76. The Tribunal clarified that a return filed in response to a notice under section 148 should be treated as filed under section 139. The ITO's attempt to disallow the carry forward of the loss in 1975-76 was deemed invalid, emphasizing the finality of the assessment order for the previous year. The Tribunal's decision favored the assessee. Case-Laws Income Tax Mon, 07 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187952