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TMI Blog1984 (6) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... uld have given further specific directions that it shall be carried forward for adjustment in the succeeding years. The assessment year involved is 1977-78 and the order under appeal is of 22-2-1983 passed by the AAC, C-Range, Bombay. 2. For the appellant, Shri J.I. Patel, advocate, very vehemently argued that in view of the provisions of sections 157 and 72(1) of the Income-tax Act, 1961 ('the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal flows from his unfounded apprehension that the revenue authorities shall not follow the relevant statutory provisions : "Section 157. When, in the course of the assessment of the total income of any assessee, it is established that a loss has taken place which the assessee is entitled to have carried forward and set off under the provisions of sub-section (1) of section 72, sub-section (2) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ead 'Capital gains' relating to capital assets other than short-term capital assets and has exercised the option under sub-section (2) of that section or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and--- (i) it shall be set off against the profits and gains, if any, of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the loss as is attributable to such business shall be carried forward to the assessment year relevant to the previous year in which the business is so re-established, reconstructed or revived, and--- (a) it shall be set off against the profits and gains, if any, of that business or any other business carried on by him and assessable for that assessment year ; and (b) if the loss cannot be w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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