https://www.taxtmi.com/caselaws?id=273010 The Tribunal upheld the first appellate authority's decision to allow the claim of set off brought forward losses, amounting to Rs. 7,95,38,030/-, despite the assessee not initially claiming it in the return. The Revenue's appeal was dismissed as the Assessing Officer failed to justify the disallowance and the claim was found to be correct. The judgment underscores adherence to the Income Tax Act provisions and the Assessing Officer's limited powers under section 143(1)(a) when adjusting claims, necessitating proper justification for disallowances. en-us Fri, 13 Jul 2012 00:00:00 +0530 Wed, 30 May 2018 16:47:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273010 The Tribunal upheld the first appellate authority's decision to allow the claim of set off brought forward losses, amounting to Rs. 7,95,38,030/-, despite the assessee not initially claiming it in the return. The Revenue's appeal was dismissed as the Assessing Officer failed to justify the disallowance and the claim was found to be correct. The judgment underscores adherence to the Income Tax Act provisions and the Assessing Officer's limited powers under section 143(1)(a) when adjusting claims, necessitating proper justification for disallowances. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273010