2016 (12) TMI 496

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dani, Advocate, for the respondent ORDER S. J. Vazifdar, C. J. (Oral) This is an appeal against the order of the Tribunal allowing the respondent/assessee's appeal against the order of the CIT (Appeals) in respect of the assessment year 2004-2005. 2. According to the appellant, the following substantial questions of law arise:- "1. Whether on the facts and in the circumstances of the case an....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... private limited company and was thereafter converted into a public limited company. For the assessment year 2004-2005, the assessee in its return of income sought to set off its income against the brought forward business losses of the earlier years. Proceedings under Section 143 of the Income Tax Act, 1961 (in short the Act) were initiated in the course of which the assessee by a letter dated 13....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....opinion was sought. In any event, even our attention was not invited to anything which suggests any malafides either in the obtaining of the opinion or otherwise. Further, the loss was allowed to be carried forward in the assessment year, namely, assessment year 2002-2003. Inter alia, in these circumstances, the Tribunal found as a matter of fact that the letter dated 13.12.2006 was voluntary and ....