1997 (4) TMI 16 - SCH - Income Tax

HC is justified in holding that if the quantification of loss is properly made and duly notified by following the prescribed procedure, such quantification may be impressed with the principle of finality if the matter is not carried further but the principle of finality as may be applicable to the question of quantification of the amount of loss does not apply to the determination of the source of income

Summary

The Supreme Court dismissed the appeal, affirming the High Court's judgment on the principle of finality in quantification of loss but not in determining the source of income. The High Court's decision was based on the judgment in CIT v. Manmohan Dos [1966] 59 ITR 699. No costs were awarded.