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2011 (6) TMI 110 - AT - Income TaxCarry forward unabsorbed loss - Reopened assessment u/s 147 - As per the decision of the Hon'ble Apex Court in the case of Sun Engineering Works (P.) Ltd. (1992 -TMI - 5381 - SUPREME Court) could have relevance during the assessment/appellate proceedings - But once the order of the appellate authorities in quantum appeal have become final and the effect have been given thereto and loss is determined thereby, the same has to be carried forward to the subsequent years as per the provisions of the Income-tax Act - The revenue cannot invoke decision of Hon'ble Apex Court in Sun Engineering Works (P.) Ltd. to deny carry forward of loss finally determined, which loss is to be carried forward as per the section 72 and the only condition for carry forward of loss is the determination of the loss under the head "Profit and Gains of business or profession" or under the head "Capital Gain" - Admittedly, the loss is determined under the head "Profit and Gains of Business" and therefore, the same is to be allowed to be carried forward as per section 72 - Hence, direct the Assessing Officer to allow carried forward of business loss as per section 72 of the Act - Decided in favour of assessee.
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