https://www.taxtmi.com/caselaws?id=56583 The Tribunal upheld the AAC's decision, confirming the allowance of adjusting the loss against other income. The Tribunal emphasized that losses are akin to negative profits and should be included in the computation of taxable income, as recognized by law prior to the 1980 amendment. As the assessee did not contest the restriction on the loss allowance and considering the ITO's previous approval of a similar set off, the Tribunal dismissed the revenue's appeal, affirming the adjustment of the loss against other income. en-us Fri, 25 Mar 1983 00:00:00 +0530 Sat, 04 Dec 2010 16:37:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56583 The Tribunal upheld the AAC's decision, confirming the allowance of adjusting the loss against other income. The Tribunal emphasized that losses are akin to negative profits and should be included in the computation of taxable income, as recognized by law prior to the 1980 amendment. As the assessee did not contest the restriction on the loss allowance and considering the ITO's previous approval of a similar set off, the Tribunal dismissed the revenue's appeal, affirming the adjustment of the loss against other income. Case-Laws Income Tax Fri, 25 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56583