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1999 (7) TMI 63 - HC - Income TaxExtract: .......which he has paid tax shall also stand adjusted against his carry forward losses. In our view, sub-section (2) does not provide for any such interpretation and as such the reference is answered in favour of the assessee and against the Revenue. The amount of Rs. 74,450 which has been charged to tax cannot be adjusted against carried forward losses.
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