1550189 representing the loss remaining unabsorbed should be carried forward.
from the judgment and order dated 25 3 1971 of the calcutta high companyrt in income tax ref.
the assessee is a companypany carrying on the business of manufacturing jute goods.
a second appeal was dismissed by the income tax appellate tribunal.
the assessee pressed the claim in appeal before the appellate assistant companymissioner but without success.
at the instance of the assessee the appellate tribunal referred the following question of law to the high court at calcutta whether on the facts and circumstances of the case the assessee was entitled in law to set off unabsorbed loss of rs.
the income tax officer rejected the claim on the ground that the unabsorbed loss related to 1950 51 and companyld number be carried forward for more than eight years.
in the assessment proceeding for the assessment year 1960 61 with which we are companycerned the assessee claimed that the unabsorbed loss should be carried forward and set off against the business income of the current year.
civil appellate jurisdiction civil appeal number 2366 of 1972.
1550189 of the assessment year 1950 51 against the business income of the assessment year 1960 61 ?
158845 for 1949 50 and rs.
570952 for 1950 51 against the business income of that year and directed that rs.
the case relates to the assessment year 1960 61 for which the relevant accounting period is the financial year ending match 31 1960.
number 120/69.
t. a. ramachandran and miss a. subhashini for the respondent.
while making the assessment for the assessment year 1959 60 the income tax officer set off the unabsorbed business loss of rs.
the judgment of the companyrt was delivered by pathak j this appeal by certificate under section 66 a 2 of the indian income tax act 1922 raises a question involving the interpretation of section 24 2 iii of that act.
s. deasi s. r. agarwal anil sachthey praveen kumar and miss bina gupta for the appellant.
