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1981 (1) TMI 152 - ITAT MADRAS-BExtract: .......which requires that the business should have been actually carried on by the assessee. In the above view of the matter, we disagree with the Commissioner (Appeals) and would hold that the brought forward loss of the earlier years cannot be set off against the profit under section 41(2) for the assessment year 1977-78. The revenue s appeal succeeds.
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