https://www.taxtmi.com/caselaws?id=58178 The Departmental appeal was allowed, and the assessee's appeal was dismissed. The Tribunal restored the original order of the ITO, concluding that the CIT(A) erred in allowing a straight deduction of dividend income under Section 85 before computing losses. The Tribunal also clarified that the rebate under Section 85 could not be carried forward and that Section 71(1) did not provide an option to the assessee to not adjust income against loss. en-us Mon, 28 Dec 1987 00:00:00 +0530 Fri, 17 Dec 2010 17:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58178 The Departmental appeal was allowed, and the assessee's appeal was dismissed. The Tribunal restored the original order of the ITO, concluding that the CIT(A) erred in allowing a straight deduction of dividend income under Section 85 before computing losses. The Tribunal also clarified that the rebate under Section 85 could not be carried forward and that Section 71(1) did not provide an option to the assessee to not adjust income against loss. Case-Laws Income Tax Mon, 28 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58178