The assessee carried forward business losses from earlier years, unabsorbed depreciation and capital loss of an earlier year. The Assessing Officer observed that the brought forward losses would not be allowed. The Commissioner (Appeals), dismissed the assessee’s appeal. On appeal, the Tribunal directed the Assessing Officer to expunge the concluding remark “brought forward loss is not allowed to be carry forward”, holding that the question whether the loss, incurred in any year, could be carried forward to the following year, and set off against the profits, had to be decided by the Assessing Officer who would deal with the assessment for the subsequent year, when the aspect concerning carry forward and set off of losses would come to the fore. On appeal, the Court held that the view taken by the Tribunal was correct. The mere fact that the Tribunal had expunged the observations could not impact the stand of the Department. Thus, no interference was called for with the order of the Tribunal. Relied on the Supreme Court, while interpreting the provisions of section 24 of the Indian Income-tax Act, 1922, which is pari materia to section 72 of the Act, held in CIT v. Manmohan Das (Deceased), (1966) 59 ITR 699 (SC)  (AY.2014-15)