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TMI Blog2016 (12) TMI 496X X X X Extracts X X X X X X X X Extracts X X X X ..... f its business income of ₹ 1.85 crores against the brought forward business losses of the earlier years on the basis of a legal opinion received from a leading firm of Chartered Accountants dated 15.06.2001. The Tribunal found nothing clandestine in the manner in which the opinion was sought. In any event, even our attention was not invited to anything which suggests any malafides either in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Sumit Lalchandani, Advocate, for the respondent ORDER S. J. Vazifdar, C. J. (Oral) This is an appeal against the order of the Tribunal allowing the respondent/assessee s appeal against the order of the CIT (Appeals) in respect of the assessment year 2004-2005. 2. According to the appellant, the following substantial questions of law arise:- 1. Whether on the facts and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. It appears initially to have been a private limited company and was thereafter converted into a public limited company. For the assessment year 2004-2005, the assessee in its return of income sought to set off its income against the brought forward business losses of the earlier years. Proceedings under Section 143 of the Income Tax Act, 1961 (in short the Act) were initiated in the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nothing clandestine in the manner in which the opinion was sought. In any event, even our attention was not invited to anything which suggests any malafides either in the obtaining of the opinion or otherwise. Further, the loss was allowed to be carried forward in the assessment year, namely, assessment year 2002-2003. Inter alia, in these circumstances, the Tribunal found as a matter of fact tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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