https://www.taxtmi.com/caselaws?id=168567 A carried-forward loss could be examined in the later year when set-off was claimed, so the earlier assessment did not prevent determination of that loss in subsequent proceedings. The constitutional challenge to section 12B of the Indian Income-tax Act, 1922 failed, and the exemption under the second proviso to section 12B(1) was unavailable because the statutory seven-year possession requirement was not satisfied on the facts. However, the assessee's business loss, including loss from another firm, could not be set off against taxed share income from an unregistered firm in the manner claimed, and the loss had to be determined without treating that share income as part of the set-off computation. en-us Wed, 31 Oct 1956 00:00:00 +0530 Thu, 12 Mar 2015 16:52:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168567 A carried-forward loss could be examined in the later year when set-off was claimed, so the earlier assessment did not prevent determination of that loss in subsequent proceedings. The constitutional challenge to section 12B of the Indian Income-tax Act, 1922 failed, and the exemption under the second proviso to section 12B(1) was unavailable because the statutory seven-year possession requirement was not satisfied on the facts. However, the assessee's business loss, including loss from another firm, could not be set off against taxed share income from an unregistered firm in the manner claimed, and the loss had to be determined without treating that share income as part of the set-off computation. Case-Laws Income Tax Wed, 31 Oct 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168567