https://www.taxtmi.com/article/detailed?id=98 Income ordinarily denotes positive receipts, profits or gains and does not include loss for general purposes under the Income-tax Act. Losses are relevant only where the statute or accounting rules permit set-off or carry forward; ineligible or excess losses are excluded from Gross Total Income and are kept apart for carry forward or lapse. The limited judicial and statutory recognition that "income includes loss" applies narrowly (notably in clubbing provisions) and cannot be generalized to charging, exemption or computation provisions without express legislative mandate. en-us Fri, 23 May 2008 00:00:00 +0530 Fri, 06 Mar 2009 12:40:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=98 Income ordinarily denotes positive receipts, profits or gains and does not include loss for general purposes under the Income-tax Act. Losses are relevant only where the statute or accounting rules permit set-off or carry forward; ineligible or excess losses are excluded from Gross Total Income and are kept apart for carry forward or lapse. The limited judicial and statutory recognition that "income includes loss" applies narrowly (notably in clubbing provisions) and cannot be generalized to charging, exemption or computation provisions without express legislative mandate. Articles Income Tax Fri, 23 May 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=98