Assessee relied on decision of High Court with similar issue and claimed set off of brought forward business loss and unabsorbed depreciation in return. Assessing Officer treated interest income received on staff loan and other advances along with miscellaneous receipt as income from other sources. Tribunal distinguished decision relied upon by assessee and remanded issue to Assessing Officer. Rectification application was rejected. On writ \u00a0the Court held that \u00a0Tribunal had not followed decision on identical facts by\u00a0co-ordinate bench which was confirmed by High Court, there was a mistake apparent on record which ought to have been considered by Tribunal. Matter is \u00a0remanded back to Tribunal to pass fresh orders in miscellaneous application. (AY. 2010-11, 2012-13 to 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record-Binding precedent-Decision of High Court is binding on all Income-Tax Authorities under its jurisdiction-Set off of business loss-Failure to follow the order of the Tribunal which is affirmed by the High Court-Mistake apparent on record-Order of the Tribunal is set aside. [S.28(i), 56, 254(1), Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-54983","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eiP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=54983"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54983\/revisions"}],"predecessor-version":[{"id":54984,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54983\/revisions\/54984"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=54983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=54983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=54983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}