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1991 (8) TMI 79 - ORISSA HIGH COURTExtract: ....... to be answered as follows A registered firm which has sustained loss in one year can set off its loss against the income of that year and cannot carry forward unabsorbed loss to the subsequent years to get the benefit. In the result, the question is answered in favour of the Revenue. There shall be no order as to costs. S. K. MOHANTY J. - I agree.
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