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2018 (12) TMI 1931 - HC - Income TaxLoss aggravated for the purpose of showing reduced profit on adjustment - whether the assessed profit and assessed loss could be adjusted in the same year in accordance with law under sections 70(1) and 71(1) of the Income Tax Act, 1961? - HELD THAT:- At this stage there is no scope of going into this question of fact that the loss was enhanced so as to reduce profit. Regrettably that stage of fact finding is over. The assessee now is entitled to this adjustment as prayed for. In those circumstances, we find no merit in the appeal of the revenue. It is dismissed.
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