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1 - 10 of 21 (0.39 seconds)Section 24 in Income Tax Rules, 1962 [Entire Act]
Section 34 in Income Tax Rules, 1962 [Entire Act]
Radhakrishna Rungta And Ors. vs Seventh Income-Tax Officer, C-Ii Ward, ... on 30 March, 1963
In the judgment under appeal reliance was placed on a deci-
sion of the Bombay, High Court in Radhakrishna Rungta &
Others v. Seventh Income-tax Officer C-II Ward Bombay(1) and
in our opinion the view taken therein is sound and must be
upheld.
The Anglo-French Textile Company Ltd. vs Commissioner Of Income-Tax, Madras on 8 December, 1953
The Parliament apparently realized the hardship involved in
preventing a person who has only one source (such source
being profession, business or vocation) of income from
carrying forward the loss to the subsequent years of
assessment and incorporated by Act 25 of 1953, with effect
from April 1, 1952, sub-s. (2A) and enabled the assessee to
carry forward the loss when he made a return within the time
specified in sub-s. (1), even if there was no other source
of income. The Parliament by the same Act amended sub-s.
(2) of s. 24 and added the words "so much of the loss as is
not so set off or the whole loss where the assessee had no
,other head of income" after the words "cannot be wholly set
off under sub-section (1) ". This was intended to supersede
a part ,of the decision of this Court in Anglo-French
Textile Company Ltd's case (1).