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TMI Blog2014 (8) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... stantial question of law even though, it may be questioning some concurrent findings. The concurrent findings are based on a incorrect and erroneous understanding of the legal provision. Therefore, this is an appeal which gives a rise to the questions of law termed as substantial and formulated at page 13 of the paper book. 3. In supporting the submissions that the questions of law are substantial, reliance is placed upon section 80 of the Income Tax Act, 1961 and the judgment of the Hon'ble Supreme Court in the case of Commissioner of Income Tax V/s. Sun Engineering Works (P) Ltd. (1992) vol.198 ITR 297. It is submitted that the Tribunal could not have concluded that there was any waiver of the right by the assessee in any manner. Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the year. In other words, there was nil income as against loss of Rs. 4,45,101/- claimed in the original return of income. 5. We take these facts from the memo of appeal in the present case as also the stand taken by the assessee during the course of the proceedings. The reassessment order, then, was passed on 18th November, 2009 accepting the income at nil. Thereafter the case of the appellant for assessment year 2003-04 was reopened and by issuing notice under section 148. The appellant filed a return of income on 2nd December, 2009 and this time declared a loss of Rs. 59,78,265/-after adjusting the brought forward losses of the earlier years. In relation to this return of income, the reassessment proceedings resulted in a response fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r assessment year 2002-03. The losses were not disclosed in the revised return. Though, those were shown in the original return. 6. When such are the findings and which have been undisputed, we do not find that the Tribunal committed any error of law apparent on the face of the record, or perversity in dismissing the assessee's appeal and upholding the concurrent view. From para-9 of the order under challenge cogent and satisfactory reasons have been assigned. We can't only pick a sentence here and there and hold that the finding of the Tribunal is essentially based on some principle of waiver. We have already explained that it is the claim and which was based on the carry forward of the past losses, it is held to have been given u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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