https://www.taxtmi.com/caselaws?id=57948 The Tribunal upheld the AAC's decisions, dismissing departmental appeals for the assessment years 1967-68, 1977-78, and 1978-79. The Tribunal supported the assessee's explanations for the penalty and allowed the carry forward of business losses, emphasizing the assessee's rights under sections 71(1) and 72(1). The dissenting opinion stressed the ITO's statutory duty for mandatory set-offs, but the majority, including the Third Member, affirmed the assessee's right to waive set-offs. en-us Fri, 17 Feb 1984 00:00:00 +0530 Wed, 15 Dec 2010 15:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57948 The Tribunal upheld the AAC's decisions, dismissing departmental appeals for the assessment years 1967-68, 1977-78, and 1978-79. The Tribunal supported the assessee's explanations for the penalty and allowed the carry forward of business losses, emphasizing the assessee's rights under sections 71(1) and 72(1). The dissenting opinion stressed the ITO's statutory duty for mandatory set-offs, but the majority, including the Third Member, affirmed the assessee's right to waive set-offs. Case-Laws Income Tax Fri, 17 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57948