https://www.taxtmi.com/caselaws?id=58078 The assessee's appeal was dismissed by the Tribunal and CIT (Appeals), concluding that Sections 84 and 85 of the Income-tax Act did not permit the carry forward of exemptions or deductions without positive income or tax liability. The mandatory set-off of income against business loss under Section 71 was upheld, with no option for the assessee to avoid it. Determination of loss and depreciation was confined to the assessment year in question, not subsequent years. The assessee's claim for carrying forward the deficiency under Section 84 was correctly rejected, affirming the ITO's decision. en-us Mon, 28 Dec 1987 00:00:00 +0530 Sun, 22 Dec 2024 08:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58078 The assessee's appeal was dismissed by the Tribunal and CIT (Appeals), concluding that Sections 84 and 85 of the Income-tax Act did not permit the carry forward of exemptions or deductions without positive income or tax liability. The mandatory set-off of income against business loss under Section 71 was upheld, with no option for the assessee to avoid it. Determination of loss and depreciation was confined to the assessment year in question, not subsequent years. The assessee's claim for carrying forward the deficiency under Section 84 was correctly rejected, affirming the ITO's decision. Case-Laws Income Tax Mon, 28 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58078