2001 (4) TMI 78

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....ad with section 144B of the Income-tax Act, 1961, on a total income of Rs. 10,44,680. In computing the income, the Assessing Officer has allowed the set off of earlier years' losses, from the assessment years 1973-74, to 1980-81 amounting to Rs. 11,34,420. In appeal before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) has enhanced the income under section 251(1)(a) of the Act and the carry forward and set off of loss of Rs. 11,34,420 which was allowed by the Assessing Officer has been disallowed. The Income-tax Officer was directed to recompute the total income disallowing the loss of Rs. 11,34,420. In appeal before the Tribunal, the Tribunal has taken the view that though the contract was completed in....

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....;      1976-77           1,14,570        1975-76           1,73,267        1974-75           1,69,978        1973-74           1,51,518." The facts are not in dispute that after enhancement notice under section 251 of the Act, the Commissioner of Income-tax (Appeals) heard the assessee and has taken the view that when the assessee has not carried on the same business in the previous year relevant to the assessment year in hand ....