CIT cannot revise issue which is beyond the scope of rectification

Cargo Service Centre India Pvt. Ltd. Vs. DCIT (ITAT Mumbai) Hon‘ble Supreme Court in the case of Manmohan Das held that Whether the loss of profits or gains in any year may be carried forward to the following year and set off against the profits and gains of the same business, profession or vocation has to be determined by the Income-tax Officer who deals with the assessment of the subsequent year. It is for the Income-tax Officer dealing with the assessment in the subsequent year to determine whether the loss of the previous year may be set off against the profits of that year. A decisi...