https://www.taxtmi.com/caselaws?id=20715 The High Court ruled in favor of the assessee, determining that there was no rectifiable mistake in the assessment orders for the relevant years under the Income-tax Act. The Court emphasized the entitlement of the assessee to set off both business loss and unabsorbed depreciation against income before the introduction of section 44B. The judgment underscored the importance of adhering to the law applicable at the time of assessment and the limitations on rectification under section 154. en-us Tue, 14 Aug 1990 00:00:00 +0530 Mon, 16 Nov 2009 17:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20715 The High Court ruled in favor of the assessee, determining that there was no rectifiable mistake in the assessment orders for the relevant years under the Income-tax Act. The Court emphasized the entitlement of the assessee to set off both business loss and unabsorbed depreciation against income before the introduction of section 44B. The judgment underscored the importance of adhering to the law applicable at the time of assessment and the limitations on rectification under section 154. Case-Laws Income Tax Tue, 14 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20715