https://www.taxtmi.com/caselaws?id=204639 Loss attributable to income treated as outside the operation of the Income-tax Act, 1922 could not be set off against income under other heads under section 24(1). The court reasoned that section 24(1) applies only to losses of taxable profits or taxable gains, and a loss arising from income not brought into the charging or inclusion provisions is not a permissible set-off loss. The amendment to the definition of total income did not change that distinction, and the statutory scheme did not contemplate a double benefit on the same loss. The assessee's claim for set-off was therefore rejected. en-us Mon, 02 Mar 1964 00:00:00 +0530 Sat, 24 Mar 2012 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204639 Loss attributable to income treated as outside the operation of the Income-tax Act, 1922 could not be set off against income under other heads under section 24(1). The court reasoned that section 24(1) applies only to losses of taxable profits or taxable gains, and a loss arising from income not brought into the charging or inclusion provisions is not a permissible set-off loss. The amendment to the definition of total income did not change that distinction, and the statutory scheme did not contemplate a double benefit on the same loss. The assessee's claim for set-off was therefore rejected. Case-Laws Income Tax Mon, 02 Mar 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204639