Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jun-13-1996
Reported in : (1996)59ITD548(Mum.)
..... that the losses were incurred in the same business which was originally being carried on by the assessee as a proprietary concern and later on in partnership with others. in reference by the department, the high court held that the tribunal while dealing with the appeals for 1960-61 and 1961-62 ..... from 1950-51. this claim was rejected by the ito holding that during the year in question that the assessee was getting income from a partnership firm, while the business in which the losses were claimed in the earlier years was not being carried on by the assessee in the year in ..... in an earlier year it has been held that the correct head of income applicable to the assessee's case is under section 12 of the indian i.t. act, 1922, ie., 'income from other sources' and for that reason the benefit of carrying forward of unabsorbed depreciation is denied to the assessee, ..... in this case, no assessment was made at all either under section 144 or under section 143(1) or under any other section of the i.t. act. similarly, the ld. departmental representative argued that the decision of the cochin bench of tribunal in pioneer enterprises' case (supra) was also distinguishable on facts ..... by the learned counsel for the assessee that under the provisions of section 80 even after they were amended under the direct tax laws. (amendment) act, 1981, the section does not concern itself with carry forward of unabsorbed investment allowance but confines itself only to carry forward and set off of losses .....Tag this Judgment!