https://www.taxtmi.com/caselaws?id=751468 The Telangana HC allowed a writ petition challenging a rectification order under Section 154 that disallowed carrying forward of losses for FY 2016-17. The court held that since the disallowance would deny the petitioner the right to carry forward losses, causing prejudice, mandatory notice and hearing requirements under Section 154(3) applied. The revenue department failed to comply with these statutory requirements. The HC set aside the rectification order, finding it violated Section 154(3) provisions and was therefore unsustainable. en-us Thu, 07 Mar 2024 00:00:00 +0530 Wed, 17 Apr 2024 08:30:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751468 The Telangana HC allowed a writ petition challenging a rectification order under Section 154 that disallowed carrying forward of losses for FY 2016-17. The court held that since the disallowance would deny the petitioner the right to carry forward losses, causing prejudice, mandatory notice and hearing requirements under Section 154(3) applied. The revenue department failed to comply with these statutory requirements. The HC set aside the rectification order, finding it violated Section 154(3) provisions and was therefore unsustainable. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751468