https://www.taxtmi.com/caselaws?id=59142 The Tribunal reversed the CIT's order under section 263, restoring the ITO's decision. It held that the ITO's order adjusting the trust's loss from the previous year against the current year's profit was lawful and not detrimental to revenue. The Tribunal found that the trust met the conditions outlined in sections 72 and 80, allowing it to carry forward and set off the loss from earlier years against its income for the assessment year 1984-85. en-us Thu, 19 Apr 1990 00:00:00 +0530 Sat, 25 Dec 2010 12:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59142 The Tribunal reversed the CIT's order under section 263, restoring the ITO's decision. It held that the ITO's order adjusting the trust's loss from the previous year against the current year's profit was lawful and not detrimental to revenue. The Tribunal found that the trust met the conditions outlined in sections 72 and 80, allowing it to carry forward and set off the loss from earlier years against its income for the assessment year 1984-85. Case-Laws Income Tax Thu, 19 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59142