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2008 (1) TMI 448 - ITAT DELHI-I
Extract:
.......his section. The question of absorption of losses of earlier years and this year will arise only in the year in which the assessee is assessed at positive income, which falls outside the domain of the Assessing Officer who framed re-assessment proceedings for this year. Thus, the ground is dismissed. 11. In the result, the appeal is partly allowed.