https://www.taxtmi.com/caselaws?id=21327 The court ruled in favor of the assessee, determining that the Income-tax Officer (ITO) was not justified in dropping the proceedings under section 147 without computing the loss. The court held that the assessee was entitled to claim the computation and carry forward of the loss based on the returns filed in response to the section 148 notice. The court emphasized that the ITO must conduct a fresh assessment process if a return discloses a loss, even after issuing a section 148 notice. en-us Wed, 24 Jan 1990 00:00:00 +0530 Sat, 21 Nov 2009 15:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21327 The court ruled in favor of the assessee, determining that the Income-tax Officer (ITO) was not justified in dropping the proceedings under section 147 without computing the loss. The court held that the assessee was entitled to claim the computation and carry forward of the loss based on the returns filed in response to the section 148 notice. The court emphasized that the ITO must conduct a fresh assessment process if a return discloses a loss, even after issuing a section 148 notice. Case-Laws Income Tax Wed, 24 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21327