https://www.taxtmi.com/caselaws?id=15900 The Tribunal upheld the decision to reject the Commissioner's application seeking a reference to the High Court regarding the disallowance of a business loss claimed by the assessee under section 263 of the Income-tax Act. Despite the absence of business activity in the relevant year, the Tribunal considered the assessee's history of engaging in various business activities, including shares, consultancy, and commission business since 1978. Emphasizing the continuity of business operations based on past and subsequent assessment records, the Tribunal concluded that the Commissioner erred in disturbing the assessment order under section 143(3) of the Act. The application was rejected, with no costs awarded, and the order was to be retained for future reference. en-us Mon, 04 Oct 1999 00:00:00 +0530 Sat, 29 Aug 2009 17:07:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15900 The Tribunal upheld the decision to reject the Commissioner's application seeking a reference to the High Court regarding the disallowance of a business loss claimed by the assessee under section 263 of the Income-tax Act. Despite the absence of business activity in the relevant year, the Tribunal considered the assessee's history of engaging in various business activities, including shares, consultancy, and commission business since 1978. Emphasizing the continuity of business operations based on past and subsequent assessment records, the Tribunal concluded that the Commissioner erred in disturbing the assessment order under section 143(3) of the Act. The application was rejected, with no costs awarded, and the order was to be retained for future reference. Case-Laws Income Tax Mon, 04 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15900