https://www.taxtmi.com/caselaws?id=274803 The appellant, a private limited company in the IT park business, challenged the denial of carrying forward a loss for set-off under Sec. 79 of the Income Tax Act. The Supreme Court held that the Assessing Officer of the subsequent year determines eligibility for carry forward and set-off, not the current year's officer. The Tribunal ruled in favor of the appellant, directing the removal of the denial and emphasizing that Sec. 79 could be applied in the subsequent year. The order of the CIT(A) was set aside, granting success to the appellant solely on the carry forward issue. en-us Thu, 07 Sep 2017 00:00:00 +0530 Wed, 05 Sep 2018 06:47:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274803 The appellant, a private limited company in the IT park business, challenged the denial of carrying forward a loss for set-off under Sec. 79 of the Income Tax Act. The Supreme Court held that the Assessing Officer of the subsequent year determines eligibility for carry forward and set-off, not the current year's officer. The Tribunal ruled in favor of the appellant, directing the removal of the denial and emphasizing that Sec. 79 could be applied in the subsequent year. The order of the CIT(A) was set aside, granting success to the appellant solely on the carry forward issue. Case-Laws Income Tax Thu, 07 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274803