Central Indian Insurance Co. Ltd. vs Income Tax Officer & Anr.

Whether the Appellate Assistant Commissioner had jurisdiction to rectify under Section 35 of the Indian Income Tax Act, 1922, an order allowing carry forward and set-off of losses incurred by a non-resident assessee in a native state (Indore) against income in taxable territories, after the Tribunal had passed an order in a separate appeal on other issues --- Held No; Whether such allowance constituted an error apparent from the record under Section 35 --- Held Yes; Whether the right to carry forward losses is a substantive right governed by the law in force during the relevant assessment years --- Held Yes.