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2002 (9) TMI 82 - HC - Income Tax"1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the question as to whether a loss can be set off can arise only in the assessment of the succeeding year or years when there is a positive income against which such set off is claimed? - 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in vacating the directions of the Assessing Officer recorded in the assessment order to the effect that the loss shall not be carried forward?" - We, answer the question referred to us against the assessee and in favour of the Revenue.
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