 |
|
For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
131 A similar had come up for consideration before the
Indian Supreme Court in the case of Anglo-French Textile Co. Ltd v. CIT [1953] 23 ITR 82.
The subject-matter of consideration was section 24(2) of the (repealed) 1922 Act. The
expression, inter alia, used in that sub-section was ‘and the loss cannot be wholly
set off under sub-section (1), so much of the loss as is not set off. It was held that the
expression ‘not wholly set off, so much of the loss as is not so set off mean that at
least the loss must have been set off partially. It follows, therefore, that if there is a
loss under the head ‘Business’ and no income under any head at all, the loss
will not fall in the categories of ‘not wholly set off and ‘so much of the loss
as is not so set off and cannot, therefore, be carried forward at all.
