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1962 (2) TMI 8 - SC - Income TaxWhether the loss of ₹ 5,19,590 of the year 1948-49 is liable to be set off against the assessee's business income for the assessment years 1950-51 and 1951-52 ? Whether the unabsorbed depreciation of the years 1948-49 and 1949-50 is liable to be set off against the income of the assessee for the assessment years 1950-51 and 1951-52 ? Held that:- For determining the nature of the losses under consideration in the present appeals, the relevant year was 1948-49, the year in which the losses occurred and the High Court rightly took the view that for the application of sub-section (2) of section 24, the losses must be such losses as could have been set off under sub-section (1) of section 24. We agree with the view expressed by the High Court that the loss amounting to ₹ 5,19,590 was not such a loss as could have been set off either under sub-section (1) or sub-section (2) of section 24. Appeal dismissed.
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