https://www.taxtmi.com/caselaws?id=375964 The High Court of Bombay dismissed the Income Tax Appeal, upholding the decision of the Income Tax Appellate Tribunal to cancel the order under section 154 of the Income Tax Act. The Court emphasized the debatable nature of the provision regarding setting off losses against income, particularly business losses and capital gains for the Assessment Year 2005-06. It ruled that the Assessing Officer erred in exercising rectification powers, ultimately affirming the Tribunal's decision. en-us Wed, 13 Feb 2019 00:00:00 +0530 Thu, 28 Feb 2019 07:02:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375964 The High Court of Bombay dismissed the Income Tax Appeal, upholding the decision of the Income Tax Appellate Tribunal to cancel the order under section 154 of the Income Tax Act. The Court emphasized the debatable nature of the provision regarding setting off losses against income, particularly business losses and capital gains for the Assessment Year 2005-06. It ruled that the Assessing Officer erred in exercising rectification powers, ultimately affirming the Tribunal's decision. Case-Laws Income Tax Wed, 13 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375964