https://www.taxtmi.com/caselaws?id=25425 The High Court upheld the Income-tax Officer's authority to rectify assessments under section 154 of the Income-tax Act, 1961. It determined that the Officer acted correctly in setting off carried forward losses against income from lorry hire, treating it as income from business. The Court emphasized that the nature of income should dictate set off eligibility, not just how it was reported. As the assessees did not object to the rectification proceedings, the Officer was deemed justified in his actions, ultimately ruling in favor of the Revenue and against the assessees. en-us Thu, 28 May 1987 00:00:00 +0530 Wed, 22 Jan 2020 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25425 The High Court upheld the Income-tax Officer's authority to rectify assessments under section 154 of the Income-tax Act, 1961. It determined that the Officer acted correctly in setting off carried forward losses against income from lorry hire, treating it as income from business. The Court emphasized that the nature of income should dictate set off eligibility, not just how it was reported. As the assessees did not object to the rectification proceedings, the Officer was deemed justified in his actions, ultimately ruling in favor of the Revenue and against the assessees. Case-Laws Income Tax Thu, 28 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25425