https://www.taxtmi.com/caselaws?id=59981 The Tribunal allowed the appeal by the assessee, permitting the set off of the loss brought forward from earlier years against the profit for the current assessment year. The Tribunal emphasized the assessing officer's duty to set off the loss carried forward if conditions under section 72(1) of the Income Tax Act were met, rejecting the ITO's argument regarding the timing of return filings. The decision aligned with precedents such as the Supreme Court case of Manmohan Das and the Bombay High Court case of Western India Oil Distributing Co. Ltd. en-us Mon, 07 Nov 1983 00:00:00 +0530 Mon, 03 Jan 2011 11:37:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59981 The Tribunal allowed the appeal by the assessee, permitting the set off of the loss brought forward from earlier years against the profit for the current assessment year. The Tribunal emphasized the assessing officer's duty to set off the loss carried forward if conditions under section 72(1) of the Income Tax Act were met, rejecting the ITO's argument regarding the timing of return filings. The decision aligned with precedents such as the Supreme Court case of Manmohan Das and the Bombay High Court case of Western India Oil Distributing Co. Ltd. Case-Laws Income Tax Mon, 07 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59981