High Court Upholds AO's Decision on Loss Carry Forward u/s 72A Despite Factual Errors, Citing Supreme Court Precedent.

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....Revision u/s 263 - AO allowed the claim of carried forward of losses u/s 72A based on an incorrect assumption of facts - The action of the assessing officer, though prejudicial, can hardly be termed as ‘erroneous’ in so far as the officer has followed the dictum laid down by the Supreme Court - HC....