https://www.taxtmi.com/caselaws?id=59313 The Tribunal held that the ITO's order allowing the set-off of losses for the trust was lawful under Sections 72 and 80 of the IT Act. The CIT's order under Section 263 was reversed, reinstating the ITO's original order. The Tribunal determined that the trust, not the beneficiaries, was the rightful assessee for carrying forward and setting off losses. The appeal was allowed, confirming the trust's entitlement to offset losses against its income. en-us Thu, 19 Apr 1990 00:00:00 +0530 Mon, 27 Dec 2010 17:30:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59313 The Tribunal held that the ITO's order allowing the set-off of losses for the trust was lawful under Sections 72 and 80 of the IT Act. The CIT's order under Section 263 was reversed, reinstating the ITO's original order. The Tribunal determined that the trust, not the beneficiaries, was the rightful assessee for carrying forward and setting off losses. The appeal was allowed, confirming the trust's entitlement to offset losses against its income. Case-Laws Income Tax Thu, 19 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59313