https://www.taxtmi.com/caselaws?id=98484 Section 349(4)(1) of the Companies Act, 1956, as amended in 1960, permits deduction only of an excess of expenditure over income arising in the relevant statutory computation year and carried forward without prior adjustment. The amended wording was treated as deliberate and materially narrower than the earlier reference to loss, so previous-year losses could not be implied into the computation. Applying expressio unius est exclusio alterius, the provision was read as excluding any deduction beyond the express statutory language. On the stated facts, there was no unadjusted prior-year excess available for carry forward, so the earlier loss was not deductible in computing net profits for managing agents' remuneration. en-us Fri, 08 Mar 1968 00:00:00 +0530 Fri, 20 Jan 2012 17:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98484 Section 349(4)(1) of the Companies Act, 1956, as amended in 1960, permits deduction only of an excess of expenditure over income arising in the relevant statutory computation year and carried forward without prior adjustment. The amended wording was treated as deliberate and materially narrower than the earlier reference to loss, so previous-year losses could not be implied into the computation. Applying expressio unius est exclusio alterius, the provision was read as excluding any deduction beyond the express statutory language. On the stated facts, there was no unadjusted prior-year excess available for carry forward, so the earlier loss was not deductible in computing net profits for managing agents' remuneration. Case-Laws Companies Law Fri, 08 Mar 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98484