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2013 (11) TMI 1056 - HC - Income TaxBlock assessment - set off of losses - Held that:- Analysing section 158BB(4) read with Explanation (a) thereto, one finds that only brought forward losses of the past years under Chapter VI and unabsorbed depreciation under section 32(2) are to be excluded while aggregating the total income or loss of each previous year in the block period but set off of the loss suffered in any of the previous year in the block period against the income assessed in other previous years in the block period is not prohibited. Following E.K.Lingamurthy and another v. Settlement Commissioner (IT and WT) and another [2009 (1) TMI 8 - SUPREME COURT] - The learned Judge was not justified in disallowing the benefit granted to the assessee by the Settlement Commission so far as losses brought forward pertaining to the house property -Section 158BB(4) read with Explanation (a) the loss brought forward could be considered while determining the undisclosed income and the benefit thereunder is in accordance with the procedure under the Act – Decided in favour of assessee.
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