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2004 (8) TMI 25 - KERALA HIGH COURTOrder passed rejecting the revision fled u/s 264 - petitioner was asked to produce separate details with regard to the loss claimed by the petitioner - petitioner did not produce any such details. The stand of the petitioner is that accounts are available and that it is for the assessing authority to peruse the same and arrive at the conclusion which has not been done. But it is an admitted fact that the assessing authority has proposed to disallow a sum of Rs. 1,00,000 towards loss on speculation and Rs. 10,000 towards the expenditure on that count and the petitioner had accepted the same. The case later put forward before the revisional authority is that the said agreement was on account of the threat of prosecution steps from the second respondent - Such a contention cannot be accepted when the petitioner, if he is aggrieved by the assessment order passed, had got a right of appeal before the first appellate authority and before the Tribunal apart from an appeal before this court – Thus, it cannot be said that the first respondent had committed a serious error in dismissing the revision
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