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2004 (3) TMI 29 - HC - Income TaxKarnataka Agricultural Income-tax Act, 1957 - The new scheme of taxation applicable to registered firms is clear and unambiguous. It provides for a flat rate of 40 per cent, towards tax without any provision for reversion of unabsorbed losses allocated to the partners for the previous assessment years. The absence of any such provision does not however make the scheme unworkable or anomalous. Even the appellants do not find the new scheme of taxation to be unworkable in its present form. All that was argued was that the absence of a provision for reversion of the unabsorbed losses to the firm in setting of the same against future income makes the scheme inequitable and onerous. We do not think that the remedy for any such flaw or deficiency lies in judicial heroics. The appeal against any inequitable and oppressive consequences should be to the Legislature - writ appeals accordingly fail and are dismissed
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