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2007 (12) TMI 203 - HC - Income TaxValidity of the income escaping assessment completed u/s 147 - Assessing Officer issued notice under section 148 and revised the assessment under section 147 when he noticed that the assessee’s claim for deduction under section 36(1)(viii) was not permissible because there was no income available after setting off of carry forward losses – action of AO is justified – since assessee was not entitled to claim deduction u/s 36(1)(viii), reassessment proceedings were valid
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