High Court Upholds AO's Decision on Loss Carry Forward u/s 72A Despite Factual Errors, Citing Supreme Court Precedent.

High Court Upholds AO's Decision on Loss Carry Forward u/s 72A Despite Factual Errors, Citing Supreme Court Precedent. https://www.taxtmi.com/highlights?id=55444 Revision u/s 263 - AO allowed the claim of carried forward of losses u/s 72A based on an incorrect assumption of facts - The action of the assessing officer, though prejudicial, can hardly be termed as ‘erroneous’ in so far as the officer has followed the dictum laid down by the Supreme Court - HC en-us Sat, 07 Nov 2020 21:14:03 +0530 Sat, 07 Nov 2020 21:14:03 +0530 TaxTMI RSS Generator High Court Upholds AO's Decision on Loss Carry Forward u/s 72A Despite Factual Errors, Citing Supreme Court Precedent. https://www.taxtmi.com/highlights?id=55444 Revision u/s 263 - AO allowed the claim of carried forward of losses u/s 72A based on an incorrect assumption of facts - The action of the assessing officer, though prejudicial, can hardly be termed as ‘erroneous’ in so far as the officer has followed the dictum laid down by the Supreme Court - HC Highlights Income Tax Sat, 07 Nov 2020 21:14:03 +0530 https://www.taxtmi.com/highlights?id=55444