https://www.taxtmi.com/caselaws?id=58239 The Tribunal dismissed the appeal, upholding the strict interpretation of section 72(3) of the Income-tax Act, 1961. It emphasized the importance of considering successive assessment years for carrying forward losses, ruling that losses can be carried forward for eight assessment years immediately succeeding the initial assessment year. The Tribunal highlighted that section 72 primarily focuses on the assessment year rather than the previous year, and the proviso to section 72(1) regarding continuity of business in the previous year applies even in cases where there was no assessment year due to a change in the accounting year. en-us Fri, 28 Oct 1983 00:00:00 +0530 Sat, 18 Dec 2010 11:06:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58239 The Tribunal dismissed the appeal, upholding the strict interpretation of section 72(3) of the Income-tax Act, 1961. It emphasized the importance of considering successive assessment years for carrying forward losses, ruling that losses can be carried forward for eight assessment years immediately succeeding the initial assessment year. The Tribunal highlighted that section 72 primarily focuses on the assessment year rather than the previous year, and the proviso to section 72(1) regarding continuity of business in the previous year applies even in cases where there was no assessment year due to a change in the accounting year. Case-Laws Income Tax Fri, 28 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58239