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2019 (8) TMI 801 - AT - Income TaxRectification u/s 154 - carry forward of the losses - consequential effect to be given by the AO of the reassessment order passed for the assessment year 2008-09 - HELD THAT:- There was reduction in the carry forward of the losses - In any case the carry forward of losses for the assessment year 2008- 09 are to be considered only in the year when the assessee reports positive income and the said loss brought forward from the earlier years is claimed to be set off against the profit of the year in future. Accordingly, we do not find any substance or merits in the objection raised by the assessee against the impugned order passed U/s 154 of the Ac by the AO - the appeal of the assessee has no merits and deserves to be dismissed.
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