https://www.taxtmi.com/caselaws?id=17397 Discontinuance of one activity within a composite business does not, by itself, negate entitlement to carry forward and set off unabsorbed losses and depreciation against income from remaining activities. Sale of the hotel activity was treated as cessation of only part of the composite business, not discontinuance of the business as a whole. Relief granted in the original assessment could not be withdrawn through rectification where no genuine factual or legal controversy existed. Rectificatory action under sections 154 or 155 is unavailable for a debatable issue, leaving the carry-forward and set-off claim undisturbed. en-us Tue, 02 Jul 1996 00:00:00 +0530 Tue, 22 Sep 2009 12:03:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17397 Discontinuance of one activity within a composite business does not, by itself, negate entitlement to carry forward and set off unabsorbed losses and depreciation against income from remaining activities. Sale of the hotel activity was treated as cessation of only part of the composite business, not discontinuance of the business as a whole. Relief granted in the original assessment could not be withdrawn through rectification where no genuine factual or legal controversy existed. Rectificatory action under sections 154 or 155 is unavailable for a debatable issue, leaving the carry-forward and set-off claim undisturbed. Case-Laws Income Tax Tue, 02 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17397