https://www.taxtmi.com/caselaws?id=372956 The High Court dismissed the appeal due to the demand falling below the mandatory limit set by the Litigation Policy. The appeal concerned a revised return showing increased loss with no tax effect for the subject assessment year. The Court considered potential future profits, and upon reviewing subsequent year returns showing continuous losses for eight years, concluded that maintaining the appeal was not expedient. The appellant's ongoing losses meant no tax liability would arise, leading to the closure of the IT appeal without costs, emphasizing the need to assess long-term financial implications and future profits in such cases. en-us Thu, 20 Dec 2018 00:00:00 +0530 Thu, 03 Jan 2019 08:12:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372956 The High Court dismissed the appeal due to the demand falling below the mandatory limit set by the Litigation Policy. The appeal concerned a revised return showing increased loss with no tax effect for the subject assessment year. The Court considered potential future profits, and upon reviewing subsequent year returns showing continuous losses for eight years, concluded that maintaining the appeal was not expedient. The appellant's ongoing losses meant no tax liability would arise, leading to the closure of the IT appeal without costs, emphasizing the need to assess long-term financial implications and future profits in such cases. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372956