TMI Blog2019 (1) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... 7,60,87,930/- as against the earlier loss declared of ₹ 3,50,00,000/- - no tax effect for the subject assessment year - Government of India (Taxes) submission that the mere fact that there was no tax effect for that year would not determine the monetory limit, especially since the assessee could have earned profits in the subsequent years and if that exceeded the limit, definitely there was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SRI. JOSE JOSEPH, SC, FOR INCOME TAX For The RESPONDENT : SRI. P. BENNY THOMAS, SRI. JOSON MANAVALAN, SRI. K. JOHN MATHAI, SRI. KURYAN THOMAS, SRI. M. GOPIKRISHNAN NAMBIAR, SRI. P. GOPINATH AND SRI. SANDEEP GOPALAKRISHNAN JUDGMENT Vinod Chandran, J The Tribunal dismissed the appeal on the ground that the demand raised from the order appealed against is lower than the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he returns for the subsequent year. The Department has today filed a statement clearly indicating that in the next eight years the assessee has been declaring a loss. Since loss could be carried over only for eight years, we do not think that the consideration of the appeal is expedient especially since this would not create any tax liability on the assessee for the subsequent years also for reaso ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
