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1986 (7) TMI 56 - HC - Income Tax
Extract:
.......assessment year 1970-71 should be set off against the surplus of income over expenditure relating to the assessment year 1971-72 in computing the taxable income of the latter assessment year. The question referred is, therefore, answered in the affirmative, i.e., against the Revenue and in favour of the assessee. There will be no order as to costs.