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2011 (2) TMI 159 - HC - Income TaxCarry forward and set off of loss - Disallowance - Refund - Held that: - though the Assessing Officer had rejected the prayer for extension, the assessee had justification for delay on account of audit being incomplete. The Tribunal having exercised its discretion in extending the time beyond the date on which the return was filed, Section 80 could not be invoked. - carry forward of loss permissible Payment of duty under KVSS - held that: Tribunal has set aside the addition towards refund in view of the fact that the assessee had offered the amount for taxation under KVSS which had been accepted by the department in subsequent assessing year. In view of this undisputed fact, the question whether the dispute raised by the assessee was still pending in Hon’ble Supreme Court could not be a ground to tax the amount again. Claim of refund - claim of the assessee for refund was based on judgment of the Hon’ble Supreme Court in some other case - The credit entry in the profit and loss account was made on hypothetical basis. This being the factual finding which is not shown to be erroneous, the deletion by the Tribunal is not liable to be interfered with.
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