https://www.taxtmi.com/caselaws?id=305628 The appeal filed by the Revenue challenging the disallowance of carry forward of losses due to unrealized advances under section 139(3) of the Income Tax Act, 1961 was dismissed. The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in favor of the assessee, a cooperative bank under liquidation. The Tribunal agreed that the bank's situation warranted the setoff of losses against current year income, rejecting the Revenue's arguments. The decision was based on the interpretation of relevant laws and precedents, leading to the dismissal of the Revenue's appeal on 17/01/2020. en-us Fri, 17 Jan 2020 00:00:00 +0530 Fri, 16 Dec 2022 09:38:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305628 The appeal filed by the Revenue challenging the disallowance of carry forward of losses due to unrealized advances under section 139(3) of the Income Tax Act, 1961 was dismissed. The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in favor of the assessee, a cooperative bank under liquidation. The Tribunal agreed that the bank's situation warranted the setoff of losses against current year income, rejecting the Revenue's arguments. The decision was based on the interpretation of relevant laws and precedents, leading to the dismissal of the Revenue's appeal on 17/01/2020. Case-Laws Income Tax Fri, 17 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305628