TaxTMI 
TaxTMI 
TaxTMI 
2004 (4) TMI 13
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....statute does not confer an express right of appeal against the order of the specific refusal to carry forward the loss determined on assessment, this issue is debatable? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the Commissioner of Income-tax (Appeals)-X had no jurisdiction to rectify the order of the Commissioner of Income-tax (Appeals)-I, under section 154? (iii) Whether, on the facts or in the circumstances of the case, the Tribunal was right in law in allowing the departmental appeal and cancelling the order under section 154 of the Commissioner of Income-tax (Appeals)-X, thus depriving the assessee-company of its right to carry forward the loss?" The brief facts le....
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....appellate order since the appeal on that ground with regard to carry forward of loss was dismissed by the order dated March 7, 1988. However, relying upon the judgment of the Supreme Court in CIT v. Kulu Valley Transport Co. P. Ltd. [1970] 77 ITR 518 and that of the Calcutta High Court in the case of Presidency Medical Centre (P.) Ltd. v. CIT [1977] 108 ITR 838, the learned Commissioner of Income-tax (Appeals) opined that the refusal in the original assessment order dated March 20,1985, to allow carry forward of loss was contrary to the said decisions and therefore observed that the finding given in the appeal order dated March 7, 1988, was a mistake apparent from the record inasmuch as the appellant did have a grievance in view of the spec....
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....al held that the appeal by the assessee against the order of the Assessing Officer giving effect to the order of the learned Commissioner of Income-tax (Appeals) was not appealable as that would be nothing but a reiteration of the decision earlier taken by the learned Commissioner of Income-tax (Appeals). The Income-tax Appellate Tribunal held that the learned Commissioner of Income-tax (Appeals) erred in rectifying his earlier order dated March 7, 1988. That being a debatable question, the learned Commissioner of Income-tax (Appeals) could not have rectified his order under section 154 of the Act and such rectification, it was held by the Income-tax Appellate Tribunal, was without jurisdiction. Having heard Mr. Mihir Lal Bhattacharya, lea....
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....89 ITR 336 (Cal), wherein it was held that the loss was entitled to be carried forward when the return was filed within the extended period. The question, however, is whether the order of the learned Commissioner of Income-tax (Appeals) dated March 7, 1988, could have been rectified as was done by the learned Commissioner of Income-tax (Appeals). The judgments in Kulu Valley Transport Co. P. Ltd. [1970] 77 ITR 518 (SC) and Presidency Medical Centre [1977] 108 ITR 838 (Cal) were available when the order dated March 7,1988, was passed. The assessee chose not to file an appeal against the order of the learned Commissioner of Income-tax (Appeals). The Assessing Officer gave effect to the order of the learned Commissioner of Income-tax (Appeals)....
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....venue may be avoided. Reliance was placed upon the following observations made in that judgment: "... It is implicit in the nature of the power and its entrustment to the authority invested with quasi-judicial functions under the Act, that to do justice it shall be exercised when a mistake apparent from the record is brought to his notice by a person concerned with or interested in the proceeding. The High Court was, in our judgment, in error in assuming that exercise of the power was discretionary and the Income-tax Officer could, even if the conditions for its exercise were shown to exist, decline to exercise the power." Mr. Bhattacharya, learned counsel for the assessee, relied upon the judgment of the Supreme Court in CIT v. Vegetabl....
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....t off against the profits and gains, if any, of any business or profession carried on by the assessee and assessable for that assessment year, (i.e., the assessment year following) if the business or profession for which the loss was originally computed continued to be carried on by the assessee in the previous year relevant to that assessment year ; and (c) if, against the income of such (following) assessment year, the loss is not capable of being wholly or partly set off due to insufficiency of income, the unabsorbed portion of such loss shall be similarly carried forward and set off against similar incomes of future years up to the eighth assessment year immediately succeeding year for which the loss sought to be set off was first comp....