2002 (9) TMI 82

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....t the instance of the Revenue. The following questions are referred to us for our decision: "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the question as to whether a loss can be set off can arise only in the assessment of the succeeding year or years when there is a positive income against which such set off is claimed? 2. Whether, on the ....

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....sed by this court in the decision above referred to, the very basis of the order goes and the finding of the Tribunal has to be reversed. Accordingly, we have to answer the question against the assessee and in favour of the Revenue. We also notice the clear-cut finding by the authorities below that the assessee could not file the return for the year 1995-96 within the time provided under section 1....