https://www.taxtmi.com/caselaws?id=168568 The right to carry forward and set off losses under Section 24(2) of the Indian Income-tax Act, 1922 was treated as a substantive entitlement, and the Income-tax Officer's failure to notify the losses under Section 24(3) did not extinguish it. Section 24(3) was regarded as a machinery provision meant to compute and record the loss, so the department's omission could not defeat the assessee's relief. Earlier assessment orders showing nil income did not amount to a computation of loss or bar the claim by finality or failure to appeal. The losses for 1944-45, 1945-46 and 1946-47 could therefore be set off against the profits of 1948-49. en-us Fri, 04 Sep 1953 00:00:00 +0530 Thu, 12 Mar 2015 17:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168568 The right to carry forward and set off losses under Section 24(2) of the Indian Income-tax Act, 1922 was treated as a substantive entitlement, and the Income-tax Officer's failure to notify the losses under Section 24(3) did not extinguish it. Section 24(3) was regarded as a machinery provision meant to compute and record the loss, so the department's omission could not defeat the assessee's relief. Earlier assessment orders showing nil income did not amount to a computation of loss or bar the claim by finality or failure to appeal. The losses for 1944-45, 1945-46 and 1946-47 could therefore be set off against the profits of 1948-49. Case-Laws Income Tax Fri, 04 Sep 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168568