https://www.taxtmi.com/caselaws?id=7394 The High Court of Allahabad ruled on various issues related to the Income-tax Act, 1961. It emphasized the need for provisional tax assessments to be conducted promptly based on filed returns and documents, considering depreciation and carried forward losses. The court affirmed the Income-tax Officer's authority to verify assessable income accuracy and adherence to tax provisions. It clarified rules for carrying forward losses and scrutinized deductions, invalidating a demand notice due to an error in deduction assessment. The court favored the petitioner, quashing the demand and allowing a fresh assessment by the Income-tax Officer, with costs awarded to the petitioner. en-us Fri, 08 Nov 1968 00:00:00 +0530 Thu, 19 Feb 2009 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7394 The High Court of Allahabad ruled on various issues related to the Income-tax Act, 1961. It emphasized the need for provisional tax assessments to be conducted promptly based on filed returns and documents, considering depreciation and carried forward losses. The court affirmed the Income-tax Officer's authority to verify assessable income accuracy and adherence to tax provisions. It clarified rules for carrying forward losses and scrutinized deductions, invalidating a demand notice due to an error in deduction assessment. The court favored the petitioner, quashing the demand and allowing a fresh assessment by the Income-tax Officer, with costs awarded to the petitioner. Case-Laws Income Tax Fri, 08 Nov 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7394