https://www.taxtmi.com/caselaws?id=56460 The Tribunal directed the AO to reconsider the application under section 154, affording the assessee an opportunity to be heard. It emphasized the importance of natural justice and ordered the AO to re-decide on the claim for carry forward of loss and depreciation, ensuring proper consideration of the merits. The Tribunal highlighted the need for rectifying mistakes promptly and following principles of natural justice in tax assessments. Ultimately, the appeal was allowed for statistical purposes, with the AO instructed to re-examine the issue of carry forward of loss for the relevant assessment year. en-us Sat, 03 Jun 2000 00:00:00 +0530 Fri, 03 Dec 2010 17:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56460 The Tribunal directed the AO to reconsider the application under section 154, affording the assessee an opportunity to be heard. It emphasized the importance of natural justice and ordered the AO to re-decide on the claim for carry forward of loss and depreciation, ensuring proper consideration of the merits. The Tribunal highlighted the need for rectifying mistakes promptly and following principles of natural justice in tax assessments. Ultimately, the appeal was allowed for statistical purposes, with the AO instructed to re-examine the issue of carry forward of loss for the relevant assessment year. Case-Laws Income Tax Sat, 03 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56460