https://www.taxtmi.com/caselaws?id=32800 The court held that the loss determined by the Assessing Officer, differing from the claim by the assessee, could be carried forward under Section 80 read with Section 139(3) of the Income Tax Act. The Tribunal's direction to allow the loss as a business loss was binding, and the Assessing Officer had no jurisdiction to restrict its carry forward. The court upheld the Tribunal's decision, allowing the carry forward of the assessed loss for set off against future income, ruling in favor of the assessee and dismissing the appeal with no costs. en-us Fri, 06 Feb 2009 00:00:00 +0530 Mon, 03 May 2010 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32800 The court held that the loss determined by the Assessing Officer, differing from the claim by the assessee, could be carried forward under Section 80 read with Section 139(3) of the Income Tax Act. The Tribunal's direction to allow the loss as a business loss was binding, and the Assessing Officer had no jurisdiction to restrict its carry forward. The court upheld the Tribunal's decision, allowing the carry forward of the assessed loss for set off against future income, ruling in favor of the assessee and dismissing the appeal with no costs. Case-Laws Income Tax Fri, 06 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32800