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2023 (4) TMI 857 - HC - Income TaxRevision u/s 263 - tribunal justification in sustaining the order of CIT - Whether tribunal was justified in sustaining the order of the CIT when the assessing officer completed the assessment after making necessary enquiries and verifications? - Whether there were materials before the appellate tribunal to believe that the view taken by the assessing officer is unsustainable in law and is erroneous and prejudicial to the interest of the revenue? - HELD THAT:- Question nos. (i), (ii) and (iii) are covered by the Full Bench order [2022 (10) TMI 851 - KERALA HIGH COURT] Hence, the questions are answered in favour of the assessee and against the Revenue for statistical purposes and the matter is remitted to the Assessing Officer for assessment afresh by keeping in view the order of the Full Bench. Setoff of loss sustained by the rubber sheet factory - whether was in the course of a business activity and ought to have been set off against the business income without applying the provisions of Rule 7A? - HELD THAT:- By following the reasoning, consideration and remand of question No.(iii) in [2022 (10) TMI 851 - KERALA HIGH COURT] question No.(iv) in the instant appeal is answered in favour of the assessee and against the Revenue for statistical purposes and the matter is remitted to the Assessing Officer for consideration and disposal afresh.
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