https://www.taxtmi.com/caselaws?id=342420 The Tribunal found in favor of the assessee in a case involving a rectification application under section 154 of the Income Tax Act. It held that the First Appellate Authority was not justified in rejecting the claim made by the assessee and directed a verification of the claim regarding brought forward losses and depreciation. If found valid, the appeal should be allowed partially in favor of the assessee. The Tribunal emphasized the importance of not levying taxes when no income had accrued to the assessee. en-us Wed, 05 Apr 2017 00:00:00 +0530 Thu, 04 May 2017 07:02:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342420 The Tribunal found in favor of the assessee in a case involving a rectification application under section 154 of the Income Tax Act. It held that the First Appellate Authority was not justified in rejecting the claim made by the assessee and directed a verification of the claim regarding brought forward losses and depreciation. If found valid, the appeal should be allowed partially in favor of the assessee. The Tribunal emphasized the importance of not levying taxes when no income had accrued to the assessee. Case-Laws Income Tax Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342420