TaxTMI 
TaxTMI 
1982 (5) TMI 66
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.... previous year of which ended on 31st Mar, 1977. The assessee is an individual. He filed a return for the asst. yr. 1972-73 within time. He also attended before the ITO in connection with notice under s. 143(2). The return showed a loss of Rs. 95,756. His only source of income was share from two firms. These two firms were National Paper Print Company and Laminated Paper Company. In the files of t....
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....ntended that the action of the ITO was not justified. The AAC agreed with the assessee. He stated that the assessee had filed the return showing loss and had also responded to a notice under s. 143(2). The loss attributable to the assessee has been determined in the files of the firms at Rs. 41,259. He observed that nondetermination of the loss in the file of the assessee was not due to any fault ....
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....ned in the files of the firms and the assessee had filed the return and complied with the notice issued by the ITO. He stated that the assessee was always under the impression that the aforesaid loss was determined even in the files of the assessee himself. He urged that the assessee should not be penalised because of the failure of the ITO to take action and complete the assessment in the files o....
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....of the AAC is based upon sound reasoning and good authority. It is common knowledge that no person can be allowed to take advantage of his own laches. The assessee had claimed the loss before ITO, who issued a notice under s. 143(2), which was also responded to by the assessee. The share of the loss attributable to the assessee already stood determined in the files of the firms. Under the circumst....