https://www.taxtmi.com/caselaws?id=431719 The Tribunal allowed the appeal of the assessee, holding that the Assessing Officer (AO) erred in invoking Section 154 of the Income Tax Act to disallow the set-off of carried forward losses and unabsorbed depreciation. The Tribunal concluded that the AO lacked jurisdiction under Section 154 as the issue involved was a mixed question of fact and law, not a mistake apparent on record. Additionally, the Tribunal determined that the assessee company qualified as "a company in which the public are substantially interested," rendering Section 79 inapplicable. Consequently, the Tribunal canceled the AO's action and allowed the set-off of losses. en-us Thu, 10 Nov 2022 00:00:00 +0530 Tue, 20 Dec 2022 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431719 The Tribunal allowed the appeal of the assessee, holding that the Assessing Officer (AO) erred in invoking Section 154 of the Income Tax Act to disallow the set-off of carried forward losses and unabsorbed depreciation. The Tribunal concluded that the AO lacked jurisdiction under Section 154 as the issue involved was a mixed question of fact and law, not a mistake apparent on record. Additionally, the Tribunal determined that the assessee company qualified as "a company in which the public are substantially interested," rendering Section 79 inapplicable. Consequently, the Tribunal canceled the AO's action and allowed the set-off of losses. Case-Laws Income Tax Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431719