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2010 (5) TMI 657 - HC - Income TaxBrought forward and set off of losses - Rectification of order u/s 154 - held that:- When original assessment is completed without reference to the statutory provision and in clear violation of the same, such assessment happens to be a mistake, that could be rectified under section 154 of the Act. when business loss carried forward is set off against profit for the year 1995-96, the asses- see is not entitled to limit set off of loss brought forward up to 1993-94. It is pertinent to note that even if profit was set off only against brought forward depreciation, then under the head of unabsorbed depreciation, there would have been nothing left entitling the assessee for deduction in terms of clause (b) of Explanation (iii) of section 115JA(2) of the Act. Since nothing is left after setting off brought forward business loss up to 1994-95 against profit, the assessee is not entitled to any relief under clause (b) of Explanation (iii) to section 115JA of the Act. - Decided in favor of revenue.
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