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2014 (8) TMI 116 - BOMBAY HIGH COURTReopening of assessment u/s 148 – Carry forward of losses – Held that:- When the case was reopened looking into certain discrepancy the action of the AO is correct because the aseessee filed revised return of AY 2003-04 wherein the losses of earlier years were not claimed - The revised return was filed and when the AO concluded that the losses were not carry forward in the revised return as well, that the finding of such a claim having been given up, has been rendered - there was no satisfactory explanation given for the losses claimed in the earlier years and except for AY 2002-03 – the Tribunal did not commit any error of law apparent on the face of the record, or perversity in dismissing the assessee's appeal and upholding the concurrent view - it is the claim and which was based on the carry forward of the past losses, it is held to have been given up – thus, no substantial question of law arises for consideration – Decided against Assessee.
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