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1964 (3) TMI 72 - ALLAHABAD HIGH COURTwhether the loss of Rs. 13,277suffered in the business during the period April 1, 1948, to March 30, 1949,can be set off against income under other heads in the assessment for the assessment year 1949-50 - The sum exempted under section 25(4) is not referred to in section16(1)(a) and is not liable to be included in the total income of the assessee.It is exempt altogether from the operation of the Act - the amendment of the definition of "total income" does not eliminate the distinction between the two categories of exempted sums, those which are exempt from charge as well as from inclusion in the total income and those which are exempt from charge but areliable to be included in the total income - If the assessee has earned a profit during the broken period, it is not liable to be considered for any purpose in respect of the assessment year to which the broken period relates - Held that: assessee is not entitled to have the loss suffered during the period April 1, 1948, to March 30, 1949, set off against the income under other heads under section 24(1) in the assessment for thea ssessment year 1949-50 - Question answered in the negative
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