2016 (2) TMI 800

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....JUDGMENT The above tax case appeal, filed by the assessee, was admitted on 7.7.2008 on the following substantial questions of law : "(i) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in confirming the action of the Assessing Officer in rectifying the assessment order under Section 154 of the Income Tax Act, adjusting the business loss against ....

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.... the assessment year 1999-2000, the assessment was completed on 26.3.2002 determining the total income of more than Rs. 17 crores. In computing the total income, business loss of more than Rs. 85 crores had not been adjusted against the long term capital gains of Rs. 17,67,37,705/-. Considering the above as a mistake apparent from the record, a notice for rectification was issued under Section 154....