https://www.taxtmi.com/caselaws?id=165571 A company incorporated on 29 May 1951 could not claim the entire trading loss for the full year 1951 because income-tax liability attached only to business actually carried on after incorporation. A promoter's agreement allocating earlier profits and losses to the company could govern rights between the parties, but it could not extend the company's statutory tax liability to pre-incorporation trading. The special provisions for representative or exceptional cases did not alter that result. The company was allowed to claim only any loss relating to the post-incorporation period, and the reference was answered against the assessee. en-us Fri, 23 Mar 1962 00:00:00 +0530 Fri, 01 Aug 2014 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165571 A company incorporated on 29 May 1951 could not claim the entire trading loss for the full year 1951 because income-tax liability attached only to business actually carried on after incorporation. A promoter's agreement allocating earlier profits and losses to the company could govern rights between the parties, but it could not extend the company's statutory tax liability to pre-incorporation trading. The special provisions for representative or exceptional cases did not alter that result. The company was allowed to claim only any loss relating to the post-incorporation period, and the reference was answered against the assessee. Case-Laws Income Tax Fri, 23 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165571