https://www.taxtmi.com/caselaws?id=409408 The Tribunal dismissed the appeal filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals) for assessment year 2012-13. The Tribunal held that the income of the assessee was chargeable to tax, rejecting arguments based on the principle of mutuality and diversion of income by overriding title. Other grounds related to changes in facts, non-appreciation of the business model, and interest under Section 234-B were also dismissed. However, the Tribunal directed the Assessing Officer to allow the assessee the benefit of setting off carry forward losses against taxable income, subject to providing necessary details. en-us Mon, 05 Jul 2021 00:00:00 +0530 Tue, 06 Jul 2021 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409408 The Tribunal dismissed the appeal filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals) for assessment year 2012-13. The Tribunal held that the income of the assessee was chargeable to tax, rejecting arguments based on the principle of mutuality and diversion of income by overriding title. Other grounds related to changes in facts, non-appreciation of the business model, and interest under Section 234-B were also dismissed. However, the Tribunal directed the Assessing Officer to allow the assessee the benefit of setting off carry forward losses against taxable income, subject to providing necessary details. Case-Laws Income Tax Mon, 05 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409408