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1962 (1) TMI 6 - SC - Income TaxWhether under the provisions of the Indian Income-tax Act the petitioner is entitled to carry forward the loss for a period of six years notwithstanding the fact that during the period when the loss had occurred, the law applicable was the Travancore Income-tax Act ? Held that:- The High Court, with all due respect, was not right in thinking that the Removal of Difficulties Order, 1950, was meant to enlarge the rights of the new assessees brought within the reach of the Indian Income-tax law. The intention of the law was to make a dividing line between those previous years to which the provisions of the earlier law would apply, and those previous years to which the provisions of the Indian Income-tax Act would apply. The rights were neither enlarged nor curtailed. Since, in this case, the carry-forward of the loss was for only two years, and those years were before the previous year from which the Indian Income-tax Act began to apply, there is no question of the application of the Indian Income-tax Act. The appeal thus succeeds, and is allowed.
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