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1993 (9) TMI 51 - HC - Income TaxExtract: ....... liability to tax. Hence, the assessee-company was entitled to set-off of carried forward business losses of the assessment years 1969-70 and 1970-71. In the result, questions Nos. 1 and 2 are answered in the affirmative, i.e., in favour of the assessee and against the Revenue. The reference stands disposed of accordingly with no order as to costs.
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