https://www.taxtmi.com/caselaws?id=56017 The Tribunal dismissed the appeal, upholding the Commissioner of Income-tax's order under section 263. It found the assessment order invalid as the return was filed beyond the prescribed time limit. The Tribunal emphasized that proceedings under section 147/148 are not meant to benefit the assessee by allowing the carry forward of loss and unabsorbed depreciation. The Assessing Officer's actions were deemed prejudicial to the revenue as they resulted in a loss of tax rightfully payable by the assessee. en-us Fri, 21 Apr 2006 00:00:00 +0530 Wed, 01 Dec 2010 11:28:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56017 The Tribunal dismissed the appeal, upholding the Commissioner of Income-tax's order under section 263. It found the assessment order invalid as the return was filed beyond the prescribed time limit. The Tribunal emphasized that proceedings under section 147/148 are not meant to benefit the assessee by allowing the carry forward of loss and unabsorbed depreciation. The Assessing Officer's actions were deemed prejudicial to the revenue as they resulted in a loss of tax rightfully payable by the assessee. Case-Laws Income Tax Fri, 21 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56017