2006 (10) TMI 178

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....sessee in the return of income it claimed set off of brought forward unabsorbed depreciation and, business losses of earlier years. The learned Assessing Officer completed the assessment order under section 143(3) on 11-3-2003. There is not a single word in the assessment order in relation to assessee's claim of brought forward losses and unabsorbed depreciation of earlier years. The assessee thereupon filed an application for rectification under section 154 on 16-4-2003. Thereupon the learned Assessing Officer made an order under section 154 wherein he allowed the assessee set off of earlier years' business losses amounting to Rs. 7,84,628 against business income of the assessee and thus the learned Assessing Officer assessed business inco....

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....d by the judgment of Hon'ble Supreme Court, that became law of the land under article 141 of the Constitution and put an end to the debate, if any, on that issue prior to delivery of judgment by the Hon'ble Supreme Court. The learned CIT(A) therefore erred in upholding the order of the Assessing Officer on the ground that it was not a mistake apparent from record. 4. We have carefully considered the rival submissions. That the assessment order made by the learned Assessing Officer suffered from a mistake apparent from record inasmuch as the learned Assessing Officer omitted to consider and decide upon the assessee's claim of set off of brought forward business losses and unabsorbed depreciation of earlier years is not in dispute. This aspe....